Register Login Scores

PSL

Breaking: Highlands Park Sale Hits A Snag!

The sale of Highlands Park to Tim Sukazi has hit a snag after the owners received a letter – which the Siya crew has seen – from the Premier Soccer League.

Following the story on this website on August 29 that the Lions of the North had sold its topflight status to Sukazi, owner of TS Galaxy in the second tier of SA football, the only outstanding issue was for the league’s executive committee to ratify the agreement.

Read: Chiefs Icon Favourite To Become Hunt's No.2

What appeared to also complicate the potential sale was director Sinki Mnisi’s attempts to block it from going through, arguing that he had not agreed to the decision seemingly taken by chairman Brad Kaftel and the rest of the board.

Mnisi appears to have won round one!

In a letter addressed to both Kaftel and Mnisi, the league’ executive committee, through lawyer Michael Murphy, points out that the “transfer of the business does not meet the requirements of section 112 of the Companies Act”.

With Mnisi, understood to be a 20 percent shareholder, opposing the sale and having already confirmed that he is going the legal route, the PSL now needs enough shareholders to meet the requirements of a special resolution.

 

Below is Murphy’s letter to Kaftel and Mnisi:

 

- “The special resolution provided in support of the application to transfer the business of the Company does not meet the requirements of section 112 of the Companies Act.”

 

- “In particular the resolution it does not refer to precisely the transaction (and parties) referred to in the sale agreement and application (sic)”

 

- “Save in this respect the Executive Committee does not have any objection to the transaction and/or approving the transfer.”

 

- “That being the case, upon provision, by the Company, of a special resolution compliant with section 112 the transaction will be approved, and I have been empowered to issue the approval should I be provided with such a resolution.”

Read: Hunt Back In Joburg! 

- “If the intention is to proceed with the transaction can I ask that I be provided, as urgently as possible, with the appropriate resolution in accordance with, and meeting the requirements of, section 112. Upon receipt of that I have been mandated to issue the Company and prospective purchaser with written approval.”

 

- “To the extent that Mr. Mnisi has taken issue with the transaction the matters raised are between the Company and the stakeholders in the Company and cannot be resolved by the League.”

 

- “In light of the fact that these matters were raised I have been instructed to copy Mr. Mnisi on this communication and I consequently do so.”

Story by @superjourno

Check out the cost of a status in the PSL over the years!

 

 

 

Exclusive: BFA Comment On Amrouche To Chiefs Talk

Top PSL Coach Questions ‘Easy’ Club Sale Process

TTM Comment On Gordinho Exit

10 comments

Top 5

Chiefs Clear-Out Continues With 7 More…

257 Jul 27, 2021 06:38 PM in Kaizer Chiefs

11 Footballers Who Retired This Year

2 Jul 27, 2021 07:25 PM in World News

Downs Part Ways With Key Figure

46 Jul 27, 2021 03:20 PM in Mamelodi Sundowns

10 Players In Running For 2021 Ballon D'Or

45 Jul 21, 2021 09:25 AM in Messi/Ronaldo/Neymar/Mbappe Watch

Pirates Begin Trimming Squad, Second Exit Imminent

31 Jul 27, 2021 03:00 PM in Orlando Pirates

Official: Chiefs Unveil New Home & Away Kits

59 Aug 01, 2021 08:34 AM in Kaizer Chiefs

CBL: Two Surprise Inclusions For Chiefs

123 Jul 29, 2021 01:01 PM in Soweto Derby

Amakhosi New Boy Enters Naturena Drip Fold

26 Jul 30, 2021 01:00 PM in Drip, Style & Swag

Pitso Targeting Chiefs Starlet?

81 Jul 29, 2021 11:02 AM in Kaizer Chiefs

5 Candidates Picked For Chiefs Captaincy

53 Jul 30, 2021 04:54 PM in Kaizer Chiefs

Chiefs Announce More Contract Business

107 Jul 27, 2021 04:16 PM in Kaizer Chiefs

The Highest-Paid African Stars In The EPL

19 Feb 02, 2021 07:14 PM in English Premier League

Former Pirates Star To Replace R17m Ahly-Bound Star?

16 Jul 27, 2021 08:00 AM in Siyagobhoza

12 Players Who Went Bankrupt

23 Dec 07, 2020 12:34 PM in World News

Pirates Player Exit Imminent...

6 Jul 26, 2021 07:58 PM in Orlando Pirates