SAL - Sallies - Settlement of the Solvadis dispute
SAL
SAL
SAL - Sallies - Settlement of the Solvadis dispute
Sallies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code: SAL ISIN: ZAE000022588
("Sallies")
Settlement of the Solvadis dispute
In December 2008 Solvadis claimed $500 000 as compensation for the termination
of the agency agreement between itself and Sallies` wholly owned subsidiaries,
Witkop Fluorspar Mine (Pty) Limited and Buffalo Fluorspar Mine (Pty) Limited.
Such claim was made in terms of the Swiss Code of Obligations as the agency
agreements entered into in 1999 and 2006 were subject to Swiss Law.
The dispute has now been amicably resolved and the Sallies subsidiaries have
paid Solvadis $225 000 in full and final settlement.
Johannesburg
31 August 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 31/08/2009 14:08:03 Produced by the JSE SENS Department.
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