| Wed 30 May 2007, 15:22 | | JCI - JCI Limited - Closing of Meeting |
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JCD KRHT
JCD
JCI - JCI Limited - Closing of Meeting
JCI Limited
(Incorporated in the Republic of South Africa)
Registration number 1894/000854/06
Share code: JCD ISIN: ZAE0000039681 (Suspended)
("JCI") or ("the Company")
UPDATE TO SHAREHOLDERS ON THE CONTINUED ADJOURNED GENERAL MEETING ("THE
MEETING") HELD ON WEDNESDAY, 30 MAY 2007 AT 10H00.
JCI shareholders are referred to the announcement published on 28 November 2006,
advising shareholders "that in terms of an order of the High Court of the
Republic of South Africa (Witwatersrand Local Division) ("the Court"), JCI is
interdicted and restrained from tabling ordinary resolutions numbers 3 and 4 as
set out in the notice of general meeting, dated 14 September 2006 (and any
amendment or variation thereto) sent by JCI to its shareholders ("Notice") at
the adjourned general meeting ("General Meeting") of shareholders of JCI,
scheduled for 30 November 2006, or at any adjournment of the General Meeting, or
at any other shareholders` meeting of JCI. Resolutions 3 and 4 as set out in the
Notice, relate to the ratification by the shareholders of JCI of an agreement of
loan entered into amongst JCI, JCI Investment Finance (Proprietary) Limited (a
wholly owned subsidiary of JCI) and Investec Bank Limited", which meeting was
continued today.
As JCI shareholders are aware, JCI has been interdicted and restrained from
tabling those ordinary resolutions, explained above,
and JCI has effectively elected to abide by the decision of the Court.
On 1 March 2007, JCI announced, "JCI has been further advised that it is
unlikely that the litigation will be finally determined in the near future.
Moreover, the Litigation has effectively removed the decision on the Investec
loan agreement from shareholders or the Board of JCI to the Courts, at least for
as long as the litigation is pending. For this reason, even if the interdict
was withdrawn and shareholders could vote, their vote at any time before the
outcome of the litigation would be against a background of changing
circumstances and considerable uncertainty. For this reason and also because of
the impracticality and cost of keeping the meeting open, JCI intends on
Wednesday, 30 May 2007 to close the Meeting without tabling resolutions 3 and 4,
and await the final outcome of the litigation", and as such the meeting was
closed today for the reasons stated.
JCI shareholders are further advised, that the current position, in this regard,
is that the Company is awaiting judgment on the hearing of the Trinity Asset
Management (Pty) Limited and Letseng Diamonds Limited applications, ultimately
seeking to review and set aside the Investec loan agreement, which applications
were heard before the Court during the week of 23 April 2007.
JCI shareholders will be updated accordingly.
30 May 2007
Johannesburg
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 30/05/2007 15:22:46 Produced by the JSE SENS Department.
