A Real Africa Holdings (RAH) subsidiary is taking Sun International South Africa to court over a three-year-old dispute concerning shares in the business that owns and operates the Table Bay Hotel and GrandWest casino.
Afrisun Leisure Investments – which RAH has a two-thirds stake – has an interest in Sun International SA-managed SunWest International, the vehicle that owns the Cape Town interests.
Afrisun says the Sun International’s sale of 1,5m SunWest shares for R75 apiece to Grand Parade Investments was a breach of the SunWest shareholders’ agreement.
At the time, Sun International offered Afrisun half of those shares (equating to 5,5% of SunWest’s share capital), although it attached what Afrisun labels “unacceptable conditions to the offer”.
Afrisun wants the GPI transaction to be declared void. Also, it is seeking a court order obliging Sun International to unconditionally offering to sell the 768,650 shares to Afrisun, and backdate this to June 2003.
By backdating, Afrisun says it would be entitled to the dividends declared to date – which amount to R22,9m without interest.
If this doesn’t go through, Afrisun is, claiming R326,7m in damages.
All this is taking place while Sun International has made a bid to buy Real Africa
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