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AER
AER
AER - Amalgamated Electronic Corporation Limited - Update on legal dispute
concerning formerly contingently issuable shares
Amalgamated Electronic Corporation Limited
("Amecor")
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
Share code: AER
ISIN: ZAE000070587
UPDATE ON LEGAL DISPUTE WITH RABIE VAN DER MERWE CONCERNING FORMERLY
CONTINGENTLY ISSUABLE SHARES WHICH ARE NO LONGER CONTINGENTLY ISSUABLE AND
REMOVAL OF CONTINGENT LIABILITY
Shareholders are referred to the SENS announcement of 26 July 2007, "Cautionary
Announcement - Dispute with Rabie van der Merwe" and to the subsequent SENS
announcement of 30 July 2007, "Further announcement on dispute with Rabie van
der Merwe". In the period since 26 July 2007 Rabie van der Merwe (RVDM) has
failed to proceed with the proposed arbitration. Consequently Amecor lodged an
application in the South Gauteng High Court, Johannesburg, under case number
2010/8607 against RVDM and others to have the arbitration proceedings, initiated
by RVDM, set aside. The matter came before the High Court on 9 June 2010, and a
Court order was granted with the following terms:
1. It is declared that reference to arbitration of a dispute between RVDM (First
Respondent) and Acquired Finance (Proprietary) Limited, which dispute is pending
is of no force and effect in terms of section 3(2)(c) of the Arbitration Act 42
of 1965.
2. RVDM is interdicted and restrained from proceeding with, or taking any steps
to give effect to the referral; and
3. RVDM is ordered to pay the costs of this application.
The effect of the order is that the arbitration proceedings are at an end and
RVDM has been ordered to pay the cost of the application. Consequently the RVDM
claim in respect of contingently issuable shares is cancelled and the formerly
contingent liability no longer exists.
By order of the Board
HS Courtney
Chairman
DH Alexander
Chief Executive
Johannesburg
28 June 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 28/06/2010 14:30:01 Produced by the JSE SENS Department.
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