| Mon 3 Dec 2012, 14:45 | | MIRANDA MINERAL HOLDINGS LIMITED - Litigation update - Yakani claim settled |
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MMH 201212030054A
Litigation update - Yakani claim settled
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/001940/06)
Share code: MMH ISIN: ZAE000074019
(“Miranda” or “the Company”)
Litigation update – Yakani claim settled
As previously announced on 16 July 2012, Yakani Resources (Proprietary) Limited (“Yakani”)
instituted action against, inter alia, Miranda (“the Parties”) for repayment of the aggregate sum of
R39, 5 million being a claim for partial restitution, alternatively damages, based primarily on an
alleged misrepresentation in Miranda’s financial statements at the time Yakani subscribed for shares
in the Company in 2008.
The Board of Miranda is pleased to announce that the Parties have settled the proceedings between
themselves only.
In terms of the settlement agreement:-
1. Miranda agreed to pay Yakani an amount of R2.5 million, being the balance of a loan, owed
to Yakani by Miranda, as at 31 August 2012;
2. Yakani agreed to pay Miranda’s legal representatives an amount of R190 000 as a
contribution to legal fees incurred by Miranda in the course of defending the proceedings; and
3. Yakani agreed to withdraw its claims against Miranda.
The Company received a notice of withdrawal from Yakani’s legal representatives, dated Tuesday 27
November 2012, stating that Yakani withdraws its action against Miranda only.
3 December 2012
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
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