VMK - Verimark Holdings Limited - Court Ruling in Respect of Sanctioning of
VMK
VMK
VMK - Verimark Holdings Limited - Court Ruling in Respect of Sanctioning of
Scheme of Arrangement
Verimark Holdings Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1998/006957/06
Share Code: VMK & ISIN Code: ZAE000068011
("Verimark" or "the Company")
COURT RULING IN RESPECT OF SANCTIONING OF SCHEME OF ARRANGEMENT
Shareholders are referred to the announcement released on SENS on 22 July 2009
regarding the fact that judgement had been reserved by the South Gauteng High
Court (Johannesburg) ("the Court") in respect of the sanctioning of the scheme
of arrangement in terms of section 311 of the Companies Act ("the scheme"), as
detailed in the circular issued to Verimark shareholders on 26 June 2009 and in
other prior announcements released on SENS on 11 May 2009 and 26 June 2009.
Shareholders are hereby advised that the Court has ruled against the sanctioning
of the scheme today.
Commenting on today`s Court decision, Michael van Straaten, Chief Executive
Officer of Verimark, said: "We, with our legal advisors, are studying the court
ruling before commenting on it. We are obviously disappointed as we firmly
believed that delisting the Company was in the best interest of all
stakeholders. Going forward, it is business as usual for the Verimark
management team and we will continue to focus on progressing the turnaround
strategy with the intention of achieving a profitable recovery and creating
value for all shareholders in the process."
28 August 2009
Corporate Advisor and Sponsor: PSG Capital (Proprietary) Limited
Attorneys: Glyn Marais Inc
Date: 28/08/2009 16:10:05 Produced by the JSE SENS Department.
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