SENS announcement – Update on Settlement Agreement with Paul Main

Shareholders are referred to the announcement released on SENS on 6 December 2012 regarding the settlement agreement entered into with Mr. Paul Main (“Mr. Main”) and the extension of the date by when payment of the final installment in the amount of $2 million was to be made by Mr. Main to R&E.

Following the aforementioned announcement, shareholders are hereby advised that R&E and Mr. Main have concluded a further addendum to the agreement in terms of which R&E has granted a further extension to Mr. Main for the payment of the final installment of $2 million until 15 March 2013, such date having previously been extended from 30 November 2012 to 31 January 2013.

In consideration for the extension granted, Mr. Main is required to make a further extension payment to R&E  which is payable at the same time as the final installment and in any event on or before 15 March 2013.

22 February 2013

PSG Capital

Posted in Company Announcements.