Shareholders are hereby advised that the Company and Charles Orbach and Company (“Charles Orbach”) , a former auditor of R&E, have reached a settlement in respect of the High Court action which the Company brought against Charles Orbach in 2008 (“ the action”) . R&E expects payment of the full settlement amount of R21 750 000.00 (twenty one million seven hundred and fifty thousand Rand) within 14 days in accordance with the settlement agreement
The effect of the settlement is that against payment of the settlement amount, R&E and Charles Orbach shall have no further claims against each other. R&E shall deliver a notice of withdrawal of the action thereafter.
5 November 2018
Sponsor PSG Capital