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TBX
TBX
TBX - Thabex Limited - Young Lions exploring Africa update to shareholders
Thabex Limited
Incorporated in the Republic of South Africa
(Registration number 1988/000763/06)
Share code: TBX ISIN: ZAE000013686
("Thabex" or "the Company")
Young Lions Exploring Africa
UPDATE TO SHAREHOLDERS
Shareholders are referred to the update to shareholders announcements the last
of which was released on SENS on 11 November 2010 and are advised that the
ruling in the interlocutory application for security for costs by the applicants
of 20 August 2010 in the High Court of Lesotho ("High Court") Case relating to
Angel Diamonds (Proprietary) Limited ("Angel Diamonds") (Case CIV/APN/333/2010)
was handed down in favour of the applicant in the Case, effectively divesting
Thabex from its investment and management in Angel Diamonds.
However, Thabex and other interested parties have immediately served a Notice of
Appeal against the decision handed down in the High Court on 17 November 2010.
An urgent application for the provisional liquidation of Angel Diamonds (Case
CIV/PET/01/10) was granted on 8 October 2010 and the hearing in this case was
postponed to 22 November 2010.
During a meeting with the Principal Secretary of Natural Resources, the
Secretary of the Mining Board and the Commissioner of Mines and Geology of
Lesotho, Thabex, as majority shareholder, and Messrs TP Mosebo and CJ
Engelbrecht, as minority shareholders of Angel Diamonds at the time of the
granting of the Prospecting Licence on 15 June 2006, were requested to establish
the whereabouts of the rough diamond stock of Angel Diamonds. The rough diamond
stock of about 1 000 carats was in the possession of Messrs Mosebo and
Engelbrecht since 8 March 2010 to date. After several requests Thabex and other
interested parties were not able to establish the whereabouts of Angel Diamonds`
rough diamonds stock in Lesotho, as specifically required in terms of the
Regulations of the Kimberley Process. Thabex and other interested parties have
reported this non compliance to the Commissioner of Mines and Geology.
Shareholders will be informed about any further developments regarding the above
as well as the expected date of publication of the Company`s February 2010 year
end results.
Johannesburg
19 November 2010
Sponsor
Merchantec Capital
Date: 19/11/2010 16:20:06 Produced by the JSE SENS Department.
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