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JASCO ELECTRONICS HOLDINGS LIMITED - Outcome of arbitration process regarding the dispute with the minority shareholders of Reflex Solutions

Release Date: 19/07/2019 08:43
Code(s): JSC     PDF:  
 
Wrap Text
Outcome of arbitration process regarding the dispute with the minority shareholders of Reflex Solutions

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC    ISIN: ZAE000003794
("Jasco" or “the group”)

Outcome of arbitration process regarding the dispute with the
minority shareholders of Reflex Solutions Proprietary Limited

Shareholders are referred to the SENS announcements on
8 February 2019 and 29 March 2019 when it was disclosed that
Jasco, as the majority shareholder in Reflex Solutions
Proprietary Limited (“Reflex Solutions”), and the minority
shareholders of Reflex Solutions are in a dispute. The dispute
involves the validity of the cancellation by the minority
shareholders of the sale of shares and shareholders’ agreements
entered into between Jasco and Reflex Solutions in 2017.

Shareholders are advised that the arbitration process concluded
on 17 July 2019. The arbitrator found in favor of Jasco and
ruled that the cancellation by the minority shareholders of
the sale of shares and shareholders' agreement was invalid and
that the agreements entered into between Jasco, the minority
shareholders and Reflex Solutions in 2017, as well as Jasco’s
majority interest in Reflex Solutions remain in full force and
effect. The time period for either party to appeal the
arbitration award expires on 31 July 2019.


Midrand
19 July 2019

Sponsor: Grindrod Bank Limited

Date: 19/07/2019 08:43:00
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