| Fri 14 Sep 2012, 15:10 | | THABEX LIMITED - UPDATE TO SHAREHOLDERS |
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TBX 201209140033A
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 SENS announcement dated 31 August 2012 referring to the Judgement
against Messrs Mosebo and Engelbrecht with costs and they have to provide security for costs for an
amount of R250 000 in Case Number CIV/APN/664/2010 (“the Case”).
After the Judgement the Honourable Judge recused herself in writing from the Case and all other cases
related to Thabex and others in the High Court of Lesotho. The reason for recusing herself was a complaint
to the Executive by Reskol Diamond Mining (Pty) Ltd (“Reskol”) as an investor and a subsidiary of French
Listed, Batla Minerals SA (“Batla”), that the date for the Judgement in the second provisional liquidation
application (Case Number CIV/PET/2011) of Angel Diamonds (Pty) Ltd (in liquidation) (“Angel Diamonds”)
and heard on 31 March 2012 was too far in the future, being 1 November 2012.
The consequence of this complaint is that both the hearing in the Case, scheduled for 10 and 11 December
2012, and the hearing in the second provisional liquidation of Angel Diamonds will have to be heard again by
another judge, respectively.
Thabex and other interest parties have brought a Review Application in the High Court of Lesotho to direct
the Master of the High Court to, inter alia, make a ruling as follows;
* To remove the liquidators in the first and second provisional liquidation cases of Angel Diamonds on
the grounds that these provisional liquidators are not independent.
* To dismiss the liquidators’ account in the first provisional liquidation as it has not been taxed by the
Deputy Master of the High Court in Lesotho.
* To declare the invoice to Angel Diamonds from Webber Newdigate, the attorneys of record for Messrs
Mosebo and Engelbrecht, dated 12 April 2011, for and amount of R483 896.49, a voidable transaction
in terms of the Companies Act of Lesotho. Angel Diamonds has not instructed Webber Newdigate to
act on its behalf in the Main Application (Case number CIV/APN/333/2010), which instruction was
received from Messrs Mosebo and Engelbrecht as per Webber Newdigate’s confirmation letter dated
9 June 2010.
The Company and other interested parties are also preparing a Review Application to be brought in the High
Court of Lesotho, subject to the outcome of the Case and the second provisional liquidation judgements, to
direct that the previous Minister of Natural Resources had acted incorrectly in granting Reskol a Mining
Lease (“ML”) within a period of three months when Reskol did no prospecting and it was never granted a
Prospecting Lease. Angel Diamonds has already negotiated the terms of the ML, over the same area, with
the Mining Board on 10 June 2010. Angel Diamonds has been waiting in good faith for more than three
years for its ML application to be considered by the Mining Board after it had completed the prospecting
program for an amount in excess of R10 million over the area as defined in its Prospecting Lease No 002
dated 15 June 2006.
Johannesburg
14 September 2012
Sponsor
Merchantec Capital
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