• Inside Labour

    There are silver linings to dark global clouds, says Terry Bell.

  • Labour Wrap

    Terry Bell looks back over perhaps the most turbulent and taxing year in the past 20.

  • Putin and the rouble rout

    Russia is not the West and Putin may well survive unscathed, says Leopold Scholtz.

Loading...
See More

ElementOne denies Caxton claims

Sep 21 2010 17:49 I-Net Bridge

Related Articles

ElementOne to delist from JSE

Strong showing for ElementOne

ElementOne to turn a profit

ElementOne cashes in MTN shares

Caxton suffers 'disastrous' hedge loss

Investor drags Caxton to court

Investor drags Caxton to court

 
Johannesburg - Investment holding group ElementOne, which owns directly and indirectly 39.3% in Caxton and CTP Publishers & Printers [JSE:CAT], on Tuesday denied allegations of asset stripping made by the publishing group, according to an answering affidavit posted on its website.

ElementOne filed court papers against Caxton in the South Gauteng High Court in January, seeking access to information.

A court hearing involving both ElementOne and Caxton  took place on September 15.

In its legal bid, ElementOne wants access to documents to determine what its rights and obligations are in Caxton, through its indirect shareholding in other unlisted companies.
 
ElementOne said in its founding affidavit, published on its website, that access to these documents would allow it to unlock shareholder value and "realise the underlying value of its shareholding in Caxton".
 
Earlier, Caxton said in its answering affidavit that ElementOne and two shareholders - Allan Gray and Coronation - are on a "fishing expedition" to break up the control structure of Caxton and strip its assets.

ElementOne describes Caxton's claims as "inaccurate, irrelevant and mostly hearsay allegations".

ElementOne said it is in the process of disposing of its assets and want to transfer its interests in Caxton, not to "break up" its "current control structure".
    
"Its rights and obligations as a shareholder are prescribed by terms and conditions of the records sought in this application," ElementOne said in the founding affidavit.

Caxton countered that ElementOne's court papers are not "a bona fide application for documents that are required for the exercise or protection of any rights for the applicant (ElementOne)".

"Rather, this application is in reality part of a concerted effort by Allan Gray and Coronation ... to complete the asset stripping of ElementOne/Argus for short-term gains," Caxton said.
 
ElementOne CEO Danie Vlok said the judge had given the parties two weeks - from September 14 to September 28 - to reach a settlement.  
   
caxton publishers
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...