The Cotton Company of Zimbabwe has applied to the High Court to be placed under provisional judicial management, the company said on Thursday, with its application suggesting it was technically insolvent. Cottco has a debt of $56 million which attracted an interest bill of $16.8 million in the full year to 31 March 2013 and
A decision of the High Court (Western Cape Division, Cape Town) deals with the questions of who can exercise minority rights in fundamental transactions and in what circumstances separate scheme meetings should be convened. On 13 April 2022, in the matter of Sand Grove Opportunities Master Fund Ltd and Others v Distell Group Holdings Ltd and Others, the High Court of South Africa (Western Cape Division, Cape Town) ruled on a number of issues, including standing (the right) to bring applications in terms of section 115(3)(b) of the Companies Act, 2008 (Act); whether the courts enjoy a power to condone non-compliance with the 10 business day time limit prescribed in that section; and when separate meetings need to be convened for holders of different classes of securities.
The Western Cape High Court has dismissed an application by Cayman Islands-registered Sand Grove Capital Management to review the shareholder meeting that approved Heinken’s acquisition of Distell.