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BONATLA PROPERTY HOLDINGS LIMITED - Further Details of Arbitration Award

Release Date: 22/12/2017 12:42
Code(s): BNT     PDF:  
Wrap Text
Further Details of Arbitration Award

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


Further to the announcement on 22 December 2017, shareholders were advised that the
original arbitration award states that the amounts to be paid to 11 plaintiffs amounted to
R12,395,094 plus interest on the amounts at the rate of 15.5% per annum as from
2 December 2010, plus costs of the arbitration including all the costs and the reserved
costs of the Gauteng Local Division. However, the final WRIT was awarded in favour of
only one opposing party, namely Tennant Allfinamz Group represented by Mr S Tennant, in
the amount of R5.3m.

As previously advised, 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.

The application to stay the order was duly lodged at the High Court and was served on
21 December 2017.

By order of the board

22 December 2017

Arbor Capital Sponsors Proprietary Limited

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