High Court Denies Challenge to Sale of Maseve Mine
On November 23, 2017, definitive agreements were concluded to dispose of the share interests in Maseve Investments 11 (Pty) Ltd. to Royal Bafokeng Platinum Ltd. in a transaction valued at approximately $74 million. In its ruling, the High Court found that Africa Wide had firstly failed to make its case on the evidence and secondly that, having failed to challenge the scheme under the companies act, Africa Wide’s case was statutorily barred.
“We are very satisfied to receive the judgment of the High Court in this matter,” Platinum Group CEO, Frank Hallam said. “This is the second formal dispute we have been subjected to by Africa Wide, and we are once again comforted by the fair, methodical and just functioning of the South African judicial system.” Africa Wide had until July 6 to appeal the decision.