[miningmx.com] — Thabex, the junior mining and exploration company, on Tuesday said it has made an application for the voluntary suspension of its listing on the JSE with immediate effect.
This follows an application in the High Court of Lesotho challenging the
shareholding of Thabex in Angel Diamonds, a 60.09% subsidiary of Thabex, in terms
of a shareholders agreement that was terminated on 8 September 2009.
The application was served on several respondents including Thabex, Angel
Diamonds and Mantle Diamonds last week Thursday.
Mantle Diamonds became a 13.33% shareholder in Angel Diamonds when the
former shareholders agreement was terminated in September last year.
Angel Diamonds and Thabex filed a notice of intention to oppose the application. This was heard in the High Court of Lesotho on Monday and was granted.
The company has been given time until July 16 to provide reasons why the order granted by the High Court of Lesotho should not be made final.
Thabex last week advised shareholders that its listing would be suspended if the provisional financial results for the year to end February 2010 are not published by the end of June 2010.
“The directors of Thabex believe that the court application may have a material
influence on the provisional results of the company as it relates to the shareholding
and the loan account of Angel Diamonds. The board therefore resolved to apply for
the voluntary suspension of the company’s listing on the JSE, with immediate effect, until the issue of the Angel Diamonds shareholding has been resolved,” Thabex said in a statement.