- May 15, 2007
- Posted by: admin
- Category: SENS Announcements
Further announcement in respect of the transaction between HCI and Fabvest Investment Holdings Limited (“Fabvest”) relating to the acquisition by HCI of the remaining 50% of the shares held by Fabvest in Fabcos Investment Holding Company Limited (“the Fabvest transaction”)
Shareholders of HCI are referred to the announcements published by HCI on the Securities Exchange News Service of the JSE Limited and in the press on 29 November 2006,on 18 January 2007 (“the January 2007 announcement”) and on 15 March 2007 , regarding the Fabvest transaction, in terms of which HCI effectively acquired an indirect 19% interest in Tsogo Investment Holding Company (Pty) Limited.
Shareholders were advised in such announcements that the Fabvest transaction had become unconditional and was implemented in December 2006.
Shareholders were also advised that, with the exception of the Mpumalanga Gambling Board (“the MGB”), the Fabvest transaction had been approved by all of the other relevant Gambling Boards (i.e. the KwaZulu-Natal Gambling Board, the Eastern Cape Gambling and Betting Board and the Gauteng Gambling
Ruling of the Mpumalanga Gambling Board dated 17 January 2007 Shareholders were advised in the January 2007 announcement that the MGB had refused HCI`s application for the approval of the Fabvest transaction, that HCI did not accept such ruling, and that HCI intended to take appropriate legal action to protect its interests.
HCI has subsequently filed an application in the High Court of South Africa (Transvaal Provincial Division) (“the High Court”) for the ruling of the MGB to be reviewed and set aside and, pending the final determination of the review application, for the MGB to be interdicted from requiring HCI to dispose of the Fabvest interest. The MGB has elected not to oppose the interdictory relief and has consented to an order being granted by the High Court in this regard, per agreement between the parties, which order was handed down by the High Court on 15 May 2007.
Shareholders will be informed of material developments in regard to the continued prosecution of the review application from time to time.