| Thu 3 Feb 2011, 17:35 | | TBX - Thabex Limited - Update to shareholders |
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TBX
TBX
TBX - Thabex Limited - 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 1 December 2010 and are advised that
the Appeal in the High Court of Lesotho ("High Court") Case relating to
Angel Diamonds (Proprietary) Limited (In liquidation) ("Angel Diamonds")
(Case CIV/APN/333/2010) is expected to be heard during April 2011.
Mr CJ Engelbrecht and TP Mosebo brought an Application to oppose the Interim
Interdict (Case CIV/APN/664/2010) granted against the Minister of Natural
Resources and others on the return date of 13 December 2010 and such
Application was postponed until 14 February 2011.
The hearing for the urgent application for the provisional liquidation of
Angel Diamonds (under a new Case number CIV previously Case number
CIV/PET/01/10), which was granted on 8 October 2010, was postponed to 23
March 2011.
To date Thabex and other interested parties were not able the establish the
whereabouts of the rough diamonds stock of Angel Diamonds in Lesotho, as
specifically required in terms of the Regulations of the Kimberley Process.
On 7 November 2010, a minority shareholder of Angel Diamonds, Mr CV du
Plessis ("the Applicant") and a diamantaire and long time friend of Mr CJ
Engelbrecht, holding 4.33% of the issued share capital, applied for the
liquidation of Thabex by way of a Notice of Motion in the North Gauteng High
Court in Pretoria (Case 67885/2010)(`the Case") to be heard on 9 February
2011. Thabex filed a Notice to Oppose on 12 November 2010. On the return
date of 3 December 2010, Thabex`s attorneys, DLA Cliff Decker Hofmeyr ("DLA
CDH") requested an extension of time to file Thabex`s answering affidavit.
This request was refused. DLA CDH gave notice to the Applicant in terms of
Rules 35(12) and (14) of the High Court to provide legible and complete
copies of the annexures contained in his application otherwise the Company
would have to apply to the North Gauteng High Court to compel the Applicant
to provide the requested documents. The notice was also rejected and on 29
December 2010, Thabex filed an application to compel the Applicant to
provide the requested documents, which application is to be heard on 9
February 2011. The applicant`s attorney`s have now withdrawn the Case from
the unopposed role and DLA CDH have been instructed to also withdraw the
Application to Compel until the North Gauteng High Court has provided a date
for the matter to be heard on the opposed role, consequently there will no
hearing of the above matters on 9 February 2011.
This latest legal action is apparently an attempt by Messrs du Plessis,
Engelbrecht and Mosebo to bog down Thabex in litigation, whilst they, in a
concerted manner, are attempting to wrestle away control of Angel Diamonds
from Thabex.
Shareholders will be informed about any further developments regarding the
above and it is expected that the publication of the Company`s February 2010
year end results and interim results for the period ended 31 August 2010
will be published on SENS on or about 28 February 2011.
Johannesburg
3 February 2011
Sponsor
Merchantec Capital
Date: 03/02/2011 17:35:01 Produced by the JSE SENS Department.
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