The Directors of Meikles Limited would like to advise shareholders that Wide Free Investments t/a Core Solutions proceeded to auction certain assets of the Group, on the 24 December 2018. The assets relate to Meikles Limited’s investments in Tanganda Tea Company Limited and Meikles Hospitality (Private) Limited. This auction is being contested in the Supreme Court, the outcome of which is pending. The attachment and subsequent auctioning of the assets was as a result of a heavily contested arbitral award of $1.5 million to Core Solutions. This matter is before the Court under case number (SC 988/18).
In addition to contesting the auction in the Supreme Court, Meikles Limited has appealed against the arbitral award in the High Court. The outcome of the appeal against the arbitral award is pending.
The Meikles Limited Board has put other measures in place to ensure Company assets are safe and shareholder value is protected.