COL - Colliers South Africa Holdings Limited - Announcement - Colliers Broking
COL
COL
COL - Colliers South Africa Holdings Limited - Announcement - Colliers Broking
COLLIERS SOUTH AFRICA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Formerly Quyn Holdings Limited)
(Registration number 1998/012245/06)
("COL" or "the company")
JSE Code: COL ISIN Code: ZAE000099461
ANNOUNCEMENT - COLLIERS BROKING
Shareholders were advised in July 2007 that almost the entire Gauteng broking
team had, in breach of their contractual obligations, left to open a new
business styled Minenza Broking ("the Brokers") and that the directors of
Colliers were seeking the necessary legal advice.
The directors are pleased to advise that this matter has now been settled with
the brokers waiving all claims on commissions due to them of approximately R1.6
million. In addition the brokers will make a cash payment of R1.6 million (R500
000 by 28 February 2009 and the balance by no later than 30 April 2009) and will
pay to Colliers 50% of the gross commission earned over the next 36 months in
respect of a substantial corporate client which was taken away from Colliers by
the brokers.
By order of the board
Johannesburg
29 August 2008
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Date: 29/08/2008 09:41:01 Produced by the JSE SENS Department.
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