| Tue 2 Oct 2007, 14:47 | | SAL - Sallies - Update On Arbitration Hearings Bet |
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SAL
SAL
SAL - Sallies - Update On Arbitration Hearings Between Sallies And Honeywell
SALLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code SAL & ISIN ZAE000022588
("Sallies")
Update on arbitration hearings between Sallies and Honeywell
In the matter between Sallies/Witkop Fluorspar Mine and Honeywell, whereby
Sallies/Witkop is claiming US$ 1,067,327 from Honeywell for payment of material
delivered and Honeywell is claiming US$ 6,847,305 from Sallies/Witkop for
damages as a result of breach of contract, shareholders are advised that witness
hearings were completed before the International Court of Arbitration in Zurich
on 27 September 2007.
The parties are now required to present their final comments on the evidence and
applicable Swiss law in the form of post hearing briefs to be delivered by 15
November 2007.
The parties may, before 11 October 2007, jointly request the Arbitral Tribunal
to give its preliminary, non-binding and provisional assessment of the dispute,
or part thereof. If the parties make such a request, the Tribunal will deliver
that assessment on 14 January 2008.
This could lead to a negotiated settlement or a continuation of the arbitration
process which in turn could lead to an appeal by either of the parties.
It is possible that this matter will not be concluded in the current financial
year of the company.
Johannesburg
2 October 2007
Sponsor
Sasfin Capital
(A division of Sasfin Bank Ltd)
Date: 02/10/2007 14:47:27 Produced by the JSE SENS Department.
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