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Stuff from Johannesburg

Lily and Barbrook Mines takeover delayed as court battle continues

JOHANNESBURG (18 July 2019) – The Siyakhula Sonke Empowerment Corporation (“SSC”) and its subsidiary, Flaming Silver Trading 373 (Pty) Ltd (“Flaming Silver”), collectively known as the SSC Group hereby give an update in light of a judgment handed down on 17 July 2019 at the Mbombela High Court. The case regarded the matter of Flaming Silver compelling specific performance from Vantage Goldfields SA (Pty) Ltd (“VGSA”) in respect of a sale of shares agreement for the Lily and Barbrook Mines.

During the court appearance on 9 July 2019, former Flaming Silver director, Ferdi Dippenaar’s argument centered around an amendment to Dippenaar’s intervention application following the dismissal of his original application.

Dippenaar sought relief for the resolution that was taken by the directors of Flaming Silver to ratify the signing of the fourth addendum to the sale of shares agreement, to be declared null and void.

Also brought before the court on the day, was the main application brought by SSC Group to compel VGSA to transfer the shares and other relevant documentation in terms of the sale of shares agreement.

Presiding over the matter, Judge AJ Roelofse, made a finding that the ratification be declared null and void and, consequently, that SSC Group’s main application be dismissed. The dismissal of SSC’s application is a consequent effect of the ratification

being declared null and void due to the fact that the non-existence of the fourth addendum results in a lapsing of the sale of shares agreement and the transaction is therefore no longer in force and effect. As a result, no decision needed to be made on the main application.

“We will apply for leave to appeal this judgment and it is important to note that we did not lose this case based on the merits of our main application, but as a result of the judgment granted in favour of Ferdi Dippenaar’s intervention application.” SSC CEO Fred Arendse says.

Once this application is lodged, the judgment handed down will be stayed until the appeal process has been finalized.

“We are surprised by the judgment handed down, but we will not give up. In the interest of the communities, ex-employees and, most importantly, the three affected families, the SSC Group remains focused and will not get distracted. This judgment made no mention of the lack of funding and any other merits of the main application, but this is as a result of its automatic dismissal given the impact of Dippenaar’s intervention application” Arendse adds.

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The World’s Largest Man-Made Urban Forest

One of the most surprising facts about Johannesburg is its status as a “green” city. When the first settlers arrived, the Highveld was a barren, treeless grassland (savannah). To support the mining industry, millions of trees were imported and planted to provide timber for mine underground supports. Fast forward to the present day, and Johannesburg is widely considered the largest man-made urban forest in the world.

There are an estimated 10 million trees within the city limits. This includes 1.2 million trees on sidewalks and in parks, and over 4.8 million in private gardens. This forest is so dense that satellite images of the northern suburbs often resemble a tropical rainforest. The most iconic of these trees is the Jacaranda, which was imported from South America in the early 20th century. Every October and November, the city turns a vibrant shade of purple as thousands of Jacarandas bloom simultaneously. However, this “forest” also highlights the city’s historical inequality; during the Apartheid era, trees were predominantly planted in wealthy white suburbs, leaving townships like Soweto as dusty plains. In the last two decades, “Greening Soweto” initiatives have seen hundreds of thousands of trees planted to bridge this “green divide,” emphasizing the role of urban forestry in social justice and climate cooling.