Company Announcement: Supreme Court of Appeal finds in Favour of Senwes and Senwesbel Regarding Shares
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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.
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