| Thu 1 Dec 2011, 17:11 | | 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 ("Angel Diamonds") (in liquidation)
Shareholders are referred to the announcement released on SENS on 8 November
2011 and are advised that the hearing of the security for cost application
against Mr CJ Engelbrecht, in terms of the main interdict (Case CIV/APN/664/2010
of 30 November 2010) and the interdict of 30 September 2011 which were to take
place on 30 November 2011, has been postponed to 5 December 2011 for a ruling by
the Honourable Judge presiding over the matter. Thabex and others applied for a
postponement to prepare and file replying affidavits to the unorthodox and late
filing of some of the respondents` answering affidavits, some of which were
filed as late as 29 November 2011.
On 30 September 2011, the liquidators appointed in terms of the first
liquidation application of Angel Diamonds, dated 8 October 2010, brought another
ex parte application without notice for the provisional liquidation of Angel
Diamonds, which application was granted. On 27 October 2011, Reskol Diamond
Mining Proprietary Limited ("Reskol") brought an intervention application with
the second provisional liquidation. Thabex and others have also brought an
intervention application against the second provisional liquidation on 25
November 2011. On 28 November 2011 the hearing in the second liquidation
application was postponed to 30 March 2012. Mr Mosebo appealed against the
discharge of the first liquidation application on 19 May 2011 and the appeal
will be heard during the April 2012 session of the Court of Appeal in Lesotho.
On 12 August 2011, Thabex wrote an open letter to the Prime Minister of Lesotho,
requesting a meeting with the Honourable Prime Minister about, inter alia, the
apparent granting of a Mining Licence to Reskol, a subsidiary of the French
listed Batla Minerals SA, therefore apparently officialising the disappearance
of approximately 1 000 rough diamonds in Lesotho whilst Angel Diamonds was under
the exclusive control of, inter alia, Messrs Mosebo and Engelbrecht. Charges
were instituted regarding the disappearance of the rough diamond stock with the
Lesotho Royal Mounted Police, Diamond Squad Head Quarters in Maseru on 14 June
2011. Unfortunately the Honourable Prime Minister`s office has not been able to
confirm a date for the meeting as requested.
Interim financial results for the period ended 31 August 2011
The interim review of the Company`s interim financial results has not been
signed off by the Company`s auditors, since Thabex`s bankers, First National
Bank and ABSA Bank, respectively, failed to timeously provide bank account
confirmations to the auditors as requested several times per e-mail and
telephonically.
The review of the interim results are being finalised and will be released in
due course.
Johannesburg
1 December 2011
Sponsor
Merchantec Capital
Date: 01/12/2011 17:11:05 Produced by the JSE SENS Department.
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