MBOMBELA – Siyakhula Sonke Empowerment Corporation and its subsidiary, Flaming Silver Trading 373 (Flaming Silver), lodged a petition to the Supreme Court of Appeal (SCA), requesting leave to appeal the judgement delivered on July 17 and August 6 by acting judge Hendrik Roelofse in the Mpumalanga Division of the High Court.
This will imply that, pending this application being heard in the SCA, Vantage Goldfields SA (VGSA) may be limited in its scope of transactions with other parties until such time as the matter has been adjudicated upon by the SCA. This means that the judgement of July 17 and August 6 is stayed, pending this application being heard in the SCA in this sub judice matter.
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Last month, Fred Arendse, the CEO of Flaming Silver, attempted to enforce a sales of shares agreement entered into between Flaming Silver and VGSA on November 1, 2017, in an appeal application to the full bench of the Mpumalanga Division of the High Court.
The appeal was dismissed with costs in favour of VGSA on August 6.
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The judgement paved the way for Vantage Goldfields (VGO) to complete the sale of its wholly owned subsidiary VGSA to Real Win Investments (RWI).
Mike McChesney, the CEO of VGO, stated that VGSA’s directors will continue to work with the joint business rescue practitioners and RWI to provide a rapid exit from the business rescue process.
“RWI has made a proposal to the creditors according to the approved business rescue plan, with which the creditors are very happy,” McChesney confirmed.
He has indicated that his legal team will in the meantime file an answering affidavit, opposing Flaming Silver’s leave to appeal. He is confident that the court will rule in his favour and will therefore continue to push for the provisional agreement with RWI to be made final.
Arendse, the applicant, believes that a binding offer made by Taung Gold International Limited to the business rescue practitioners is the way forward, as according to him it remains the only viable alternative to the immediate liquidation of the mines and the companies they represent.
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The SCA application is brought on the basis that Flaming Silver is of the belief that acting judge Roelofse erred in his judgement, and that there is a reasonable prospect that the SCA will reverse the judgement and declare the agreement between VGSA and Flaming Silver valid and enforceable.
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