Company Announcement: Supreme Court of Appeal finds in Favour of Senwes and Senwesbel Regarding Shares
This article has been supplied.
In a judgement delivered on 28 March 2013, the Supreme Court of Appeal dismissed an application by the Treacle Fund II against Senwesbel and Senwes. Treacle, a minority shareholder in Senwes, brought an application against the agribusiness and its holding company Senwesbel, in July 2010. It was alleged that certain historical share transactions by Senwesbel to acquire shares in Senwes, were invalid. The court was asked to set aside these transactions and that the shares be returned to the original shareholders.
Should Treacle have been successful, Senwes would have been required to rectify its shares register. However, after a protracted legal process the Supreme Court of Appeal found that Treacle erred in not joining the affected ex-shareholders and that there was no factual basis or evidence for the allegations. Treacle has furthermore been ordered to pay the legal costs, including the cost of counsel of Senwesbel and Senwes. "We are very grateful that this unfortunate matter has now been concluded. It has been very distasteful especially after Treacle – as the beneficiary of the initial share acquisitions – used these allegations to enforce its own strategies for value stripping,” Managing Director of Senwes, Francois Strydom, explained. He added that Senwes will keep focusing on its strategy and on growing the business.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Stewarts & Lloyds is a leading steel, tube, and engineering product supplier in South Africa.
VISIT SHOWROOM
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
