BONATLA PROPERTY HOLDINGS LIMITED - Details of Arbitration Award

Release Date: 22/12/2017 09:55
Code(s): BNT
 
Wrap Text
Details of Arbitration Award

BONATLA PROPERTY HOLDINGS LIMITED
(Registration number 1996/014533/06)
Share code: BNT ISIN: ZAE000013694
(”Bonatla” or “the Company”)


DETAILS OF ARBITRATION AWARD


The Company is involved in a dispute which went to arbitration and the arbitration was
awarded in favour of opposing party, namely Tennant Allfinamz Group represented by Mr
S Tennant, in the amount of R5.3m. On 29 November 2017 the arbitration became an
order of court.

Bonatla is opposing the matter as it believes that the matter is unlawful, it being viewed
either a direct or indirect repurchase of Bonatla shares, and is of the opinion that this
cannot be implemented without JSE and shareholder approval as it is contravention of
the Companies Act and the JSE Listings Requirements.             The Company has also
approached the JSE for a ruling in this regard.

By order of the board

Johannesburg
22 December 2017


Sponsor
Arbor Capital Sponsors Proprietary Limited

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