Vantage Goldfields stalls on deal, by S_samaYende
Flaming Silver Trading 373 – a subsidiary of Siyakhula Sonke Corporation – approached the Pretoria High Court on March 14 to force Vantage Goldfields to hand over the shares and other documents.The two mines have been under business rescue since the entrance to Lily Mine’s shaft collapsed on February 5 2016 – leaving three workers dead and buried underground.Since Flaming Silver and Vantage Goldfields reached the agreement on November 1 2017, the shares have not been transferred.
Vantage Goldfields sold its shares to Flaming Silver for R310 million, with R200 million to be paid in cash and R110 million in kind. Written resignations of the directors of Vantage Goldfields, Makonjwaan Imperial Mining Company and Barbrook Mines; and“[The application] is brought on an urgent basis because [the business rescue practitioners] have threatened to apply for the liquidation of Vantage Goldfields, Mimco and Barbrook should the agreements between the applicant and first respondent not be carried out, or to look for other purchasers of the shares which are the subject matter of this application,” Arendse said in...
“The applicant has concluded agreements and paid monies, along with SSC, to keep the mines alive so that they could be operated as going concerns once the business rescue process came to an end,” he added. “At all relevant times,” McChesney wrote, “the purchaser represented to the seller and assumed the obligation that the purchaser would obtain and/or procure sufficient equity capital and loans to meet the expectations of the IDC access and drawdown facilities made available by the IDC.
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