UNICORN CAPITAL PARTNERS LIMITED - Voluntary update on the progress on legal matters

Release Date: 28/05/2018 12:15
Code(s): UCP
 
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Voluntary update on the progress on legal matters

Unicorn Capital Partners Limited                                      
Incorporated in the Republic of South Africa
(Registration number 1992/001973/06)
Share code: UCP ISIN: ZAE000244745
(“Unicorn” or “the Company”)

Previously known as Sentula Mining Limited


VOLUNTARY UPDATE ON THE PROGRESS ON LEGAL MATTERS

Shareholders are referred to the SENS announcement dated 5 April 2013 on “Progress on Legal Matters”
and the subsequent report contained in the paragraph entitled “Casper Scharrighuisen” (“Scharrighuisen”)
incorporated in the Company’s Unaudited Condensed Consolidated Financial Results for the Six Months
Ended 31 December 2017 released on SENS on 28 March 2017 wherein, inter alia, the following was stated:

“Megacube and the Trustees of the insolvent estate of Mr Casper Scharrighuisen (“Scharrighuisen”), a
former director, have instituted legal proceedings against Scharrighuisen and related entities in the
Netherlands, the British Virgin Islands and Curacao in ongoing attempts to locate and secure
Scharrighuisen's assets. Megacube currently has two judgments against Scharrighuisen, in excess of R383m,
both of which remain unsatisfied.”

On 12 December 2017, the Joint Court of Justice of Aruba, Curaçao, Saint Martin and of Bonaire, Sint
Eustatius and Saba (“Curaçao Appeal Court”) handed down judgment in favour of the Trustees of the
insolvent estate of Scharrighuisen (“Trustees”) in respect of litigation instituted by the Trustees against
entities responsible for the management and administration of an offshore structure created by
Scharrighuisen. The Curaçao Appeal Court judgment is subject to a further appeal to the Supreme Court of
the Netherlands.

The litigation was instituted by the Trustees pursuant to their discovery of the offshore structure, in respect
of which Scharrighuisen was the ultimate beneficial owner. The effect of the Curaçao Appeal Court
judgment was that the Trustees were permitted to exercise control over Scharrighuisen’s offshore
structure. The Trustees have since taken steps to take control of the structure’s holding entity and a
subsidiary company, including its assets and the subsidiary’s claims against third parties. The Trustees have
obtained independent valuations of the identified assets, situated in the Netherlands, which are estimated
to be valued at approximately EUR one million. The Trustees are currently investigating the extent of the
subsidiary’s claims. The Trustees intend to realise these assets and pursue these claims for the benefit of
Scharrighuisen’s creditor, Megacube Mining Proprietary Limited, a wholly-owned subsidiary of the
Company.

Shareholders should note that an insolvency enquiry into Scharrighuisen’s insolvent estate in terms of
section 152 of the Insolvency Act, 24 of 1936 remains ongoing. Any recoveries that the Trustees may make
are contingent on a number of uncertain factors. Shareholders are advised further that the identification of
significant further assets and claims is required in order to extinguish Megacube’s significant claims against
Scharrighuisen.

By order of the board

Johannesburg
28 May 2018

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 28/05/2018 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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