Shareholders are advised that R&E entered into a settlement agreement and two addendums thereto relating to the UK Action (“the Settlement Agreement”) in terms of which a $4 million settlement is payable to R&E (the “Settlement Amount”) by the Defendant.
The Settlement Amount is to be settled by the Defendant in two installments payable to the Company of:
- $2 million on or before 23 March 2012, which amount has already been received; and
- $2 million on or before 29 June 2012, which amount remains outstanding (“the Outstanding Installment”).
Should the Defendant ultimately fail to settle the Outstanding Installment in full by 29 June 2012 or fail to comply with any other terms of the Settlement Agreement, R&E will consider pursuing further legal action against him.
Should the Defendant comply fully with the Settlement Agreement, he will be released from the claims against him in the UK action and the actions instituted against him by the R&E group out of the Western Cape High Court.
23 May 2012
PSG Capital Proprietary Limited