| Mon 3 Oct 2011, 15:19 | | 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" or "the Group")
Young Lions Exploring Africa
UPDATE TO SHAREHOLDERS
Angel Diamonds (Proprietary) Limited
Shareholders are referred to the interim results announcement released on SENS
on 1 September 2011 and are advised that the Thabex, Angel Diamonds
(Proprietary) Limited ("Angel Diamonds") and other interested parties
successfully brought an urgent interdict on 30 September 2011, against, inter
alia, The Minister of Natural Resources and the Commissioner of Mines and
Geology of Lesotho to show why they and others are not in contempt of court in
terms of the main interdict (Case CIV/APN/664/2010) granted on 30 November 2010
and extended to 14 February 2011, relating the apparent granting of a Mining
License ("ML") to Reskol Diamond Mining (Proprietary) Limited ("Reskol").
Reskol is a company incorporated in the Kingdom of Lesotho, which company was
registered with the initial shareholders and directors being, Messrs TP Mosebo
and CJ Engelbrecht on 8 October 2010, the same day Angel Diamonds was placed in
provisional liquidation by the very same Mosebo and Engelbrecht.
In terms of the latest interdict, the Minister of Natural Resources, the
Commissioner of Mines and Geology, Reskol, Messrs Mosebo and Engelbrecht and
others are prevented to give effect to the new ML, to conduct mining and
prospecting operations at the Kolo Ha Petlane diamond project in the district of
Mafateng, until the finalisation of:
1 the main interdict under Case CIV/APN/664/2010;
2 the ML application of Angel Diamonds, dated 12 December 2008;
3 a review application to be launched regarding the ML ostensibly having been
granted to Reskol over the area Angel Diamonds have applied for a ML almost
three years ago;
4 the removing, dealing with, interfering, coming in contact with or within a
radius of 50m of the mining equipment of Angel Diamonds; and
5 not to consider or granting of any Prospecting Licence, Prospecting Lease,
Mining Lease or Mining Rights at the Kolo Ha Petlane diamond project in the
district of Mafeteng until the proceedings in the main application under
case number Case CIV/APN/333/2010 and case number Case CIV/PET/01/2010 (Now
Case CCA/08/2010) have been finalised.
Messrs Mosebo and Engelbrecht have flouted their fiduciary duties owed to Angel
Diamonds and its shareholders in terms of this initial court order in Case
CIV/APN/333/2010 relating to the their appointment as directors and managers of
Angel Diamonds, by ceasing the corporate opportunity, evaluated and prospected
by Angel Diamonds, for themselves in silencing Angel Diamonds on 8 October 2010
and apparently diverting the ML to Reskol prior to the ML application of Angel
Diamonds has been finalised. The provisional liquidation of Angel Diamonds was
discharged with costs on 19 May 2011.
Despite a meeting with the Minister of Mineral Resources on 1 June 2011 and
theft charges brought against Messrs Mosebo and Engelbrecht on 14 June 2011,
Thabex and other interested parties have not been informed about the whereabouts
of approximately 1 000 carats rough diamond stock of Angel Diamonds in the
Kingdom of Lesotho.
Annual Financial Statements for the year ended 28 February 2011
During an Audit Committee meeting on 12 September 2011, the Annual Financial
Statements of the Company for the year ended 28 February 2011 were approved
subject to the Engagement Quality Review Control process of the auditors. Even
though Thabex and most of its subsidiaries have been assessed by the South
African Revenue Services ("SARS") for the period ended 28 February 2010, the
auditors on 29 September 2011 have requested a full tax evaluation of the Group.
The board has appointed a tax consultant to liaise with SARS and to assist in
producing such an evaluation.
Furthermore, the auditors have also requested the details of the unauthorised
application for a bank overdraft of R100 000 for Angel Diamonds and the
guarantees given by Mr Mosebo to First National Bank Lesotho for this overdraft
as well as the bank confirmations of this company`s bank balances as at 28
February 2011. In view of these latest requests, which are being attended to as
a matter of urgency, it is not possible for the board to determine with
reasonable certainty when these Annual Financial Statements will finally be
signed off by the auditors for release on SENS and mailing to shareholders.
Johannesburg
3 October 2011
Sponsor
Merchantec Capital
Date: 03/10/2011 15:19:01 Produced by the JSE SENS Department.
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