Eastplats opposes claim over 2007 agreement with Alpha Global
JOHANNESBURG (miningweekly.com) – TSX- and JSE-listed Eastern Platinum (Eastplats) on Monday said it was opposing a claim filed by Alpha Global Capital against it over a 2007 agreement.
Alpha Global is seeking payment of and other relief following a 2007 agreement wherein Eastplats had acquired an additional 5% interest in Barplats Investments.
Wholly-owned subsidiary Eastplats International entered into an agreement under which Alpha Global was to receive R30.79-million upon the closing of a “fundamental transaction”.
“The company has taken steps to oppose the claim and to have it struck as frivolous and vexatious and is seeking costs against Alpha Global,” Eastplats said in a statement to shareholders on Monday.
“The company is of the view that no amount is currently owing to Alpha Global and, as a result, it is not entitled to any remedy in connection with its alleged claim,” the company assured shareholders.
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