Share code : LAR
ISIN : ZAE000028676.
L A GROUP
Press Release
The Cape Town High Court ruled today that the disputed agreement between the
L.A. Group and Platinum Holdings over the sale of the group's retail stores
could not be enforced and that the group retains ownership of the stores.
Platinum Holdings had applied for a court order requiring L.A. Group to
implement the agreement.
This followed an arbitration decision by Cape Town senior counsel H.M.
Scholtz that the signed heads of agreement was a valid and binding document.
The L.A. Group opposed the application on the grounds that various
suspensive conditions in the heads of agreement had not been fulfilled and
therefore the agreement could not be implemented.
The case involved 15 LA Jeans stores and 12 Oxygen outlets.
The managing director of the L.A. Group, Showkat Mukadam, said today he was
delighted the matter had now been settled and that the group could
concentrate on the busy seasonal trading in the stores.
"We are well stocked for the festive season and encouraged by current
trading," he said.
ends
Issued by MMi
on behalf of L.A. Group
For further information:
Showkat Mukadam (LAG) 083 261 6745
Jimmy Thomas (MMi) 082 608 0012
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
