HUGE GROUP LIMITED - General Bus Update (Incl an update on Litigation) - Update on Litigation involving MTN Service Provider (Pty) Ltd
HUG 201409110014A
General Bus Update (Incl an update on Litigation) - Update on Litigation involving MTN Service Provider (Pty) Ltd
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Group” or “the Company”)
GENERAL BUSINESS UPDATE (INCLUDING AN UPDATE ON LITIGATION)
UPDATE ON LITIGATION INVOLVING MTN SERVICE PROVIDER (PTY) LTD
(MTN SP)
Shareholders are referred to the announcement released on SENS
on 1 August 2014, regarding, inter alia, certain litigation
involving MTN SP and the fact that a settlement agreement (the
Settlement Agreement) had been signed between Huge Telecom
(Pty) Ltd (Huge Telecom) and Huge Mobile (Pty) Ltd (formerly
CentraCell (Pty) Ltd) (the Huge Parties)and Mobile Telephone
Networks (Pty) Ltd (MTN) in terms of which the Huge Parties
had undertaken to pay MTN the sum of R10 million (the
Settlement Amount) in full and final settlement of all claims
of any nature that MTN and MTN SP may have had against the
Huge Parties.
The Settlement Amount has been paid and accordingly all legal
action instituted by MTN SP against the Huge Parties will be
withdrawn.
GENERAL BUSINESS UPDATE
Huge Telecom continues to enjoy high levels of sales activity,
achieving another record month in August, and has now sold
6 800 new telephone lines since the commencement of the
current financial year. With the settlement of the dispute
above, which had been the main remaining area of uncertainty,
and management’s continued focus on the new business model,
the board’s view is that a solid foundation has been laid in
order to grow the business.
Johannesburg
11 September 2014
Designated Advisor
Arcay Moela Sponsors Proprietary Limited
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