STEINHOFF AFRICA RETAIL LIMITED - Update On Court Order Against Previous Tekkie Town Management Team

Release Date: 01/08/2018 12:30
Code(s): SRR
 
Wrap Text
Update On Court Order Against Previous Tekkie Town Management Team

STEINHOFF AFRICA RETAIL LIMITED
(Previously K2017221869 (South Africa)
Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share code: SRR
ISIN: ZAE000247995
(“STAR” or “the Company”)

UPDATE ON COURT ORDER AGAINST PREVIOUS TEKKIE TOWN MANAGEMENT
TEAM

Shareholders are referred to the SENS announcement made on 6 July 2018 pertaining to an
interim court order against, inter alia, four senior members of the previous Tekkie Town
management team, interdicting the respondents (“Respondents”) from conducting certain
actions against Tekkie Town.

On 31 July 2018 all parties agreed to an order which protects the Tekkie Town data and further
protects the Tekkie Town business against possible interference with its IT systems, servers,
networks and hardware or software. In terms of the court order:

    1) All the Respondents undertake not to use information proprietary to Tekkie Town;
    2) All the Respondents undertake to destroy any copies or records of @star-speciality
       and @tekkietown email accounts, with the exception of identified email accounts used
       for private business and file an affidavit by 15 August 2018 that this has been done;
    3) All the Respondents undertake to destroy any other data proprietary to Tekkie Town
       and file an affidavit by 15 August 2018 that this has been done; and
    4) Two senior members of the previous Tekkie Town management team record that they
       will not access or interfere with (or attempt to do so) the Tekkie Town information
       technology system, server or network or any Tekkie Town hardware or software either
       in its head office or in any store, in any manner whatsoever.

This outcome is very positive for Tekkie Town and STAR. The interim interdict served as an
immediate prevention of possible interference while the court order made on 31 July 2018
protects the business in the longer term.

Parow
1 August 2018

Sponsor and Corporate Advisor

PSG Capital

Date: 01/08/2018 12:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story