Meikles Ld - Notice to Shareholders
January 08 2019 - 1:17AM
PR Newswire (US)
MEIKLES
LIMITED
NOTICE TO
SHAREHOLDERS
The Directors of Meikles Limited would like to advise
shareholders that Wide Free Investments t/a Core Solutions
proceeded to auction certain assets of the Group on the
24 December 2018. The assets relate
to Meikles Limited’s investments in Tanganda Tea Company Limited
and Meikles Hospitality (Private) Limited. This auction is
being contested in the Supreme Court, the outcome of which is
pending. The attachment and subsquent auctioning of the assets was
as a result of a heavily contested arbitral award of $1.5 million to Core Solutions. This matter is
before the Court under case number (SC 988/18).
In addition to contesting the auction in the Supreme Court,
Meikles Limited has appealed against the arbitral award in the High
Court. The outcome of the appeal against the arbitral award is
pending.
The Meikles Limited Board has put other measures in place
to ensure Company assets are safe and shareholder value is
protected.
BY ORDER OF THE BOARD
T MPOFU
Company Secretary
8 January
2019
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