South Africa Case Law

Central Rand Gold South Africa (Pty) Limited and Another v Central Rand Gold Limited and Another (45200/2011)

Central Rand Gold South Africa (Pty) Limited and Another v Central Rand Gold Limited and Another (45200/2011) [2017] ZAGPPHC 275 (13 June 2017)

Court

North Gauteng High Court, Pretoria

Case number

45200/2011

Judge

N Janse Van Nieuwenhuizen

The court found that the funding call made by the applicants was valid and enforceable under clause 11.2 of the shareholders agreement, as third party funding was properly sought but not obtained. The respondent's defences of rectification, requirement of a bankable feasibility study, availability of third party funding, and relief from funding obligations due to CRG Ltd's contributions were rejected on the facts and the wording of the agreement. The court held that the shareholders agreement was not rectified or amended, and that no bankable feasibility study was required prior to the fundin…

Source excerpt

• Shareholders Agreement
• Funding Call
• Call Option
• Rectification
• Exceptio Non Adimpleti Contractus