September hearing for Pepkor, Tekkie Town appeal
Pepkor Holdings says its leave to appeal the order preventing it from selling or dealing in the shares of shoe retailer Tekkie Town will be heard in September, notes a Business Day report.
In April, Western Cape High Court Judge Nathan Erasmus granted a preservation order that essentially prevents Pepkor or Steinhoff – the direct and indirect owners of Tekkie Town, respectively – from selling or ceding its shares until the dispute over the ownership of Tekkie Town has been resolved.
The order was sought by a group of former shareholders of Tekkie Town, led by founder Braam van Huyssteen, who sold the business to Steinhoff for R3.25bn in August 2016, before Pepkor even existed.
Van Huyssteen and the other shareholders believe they were duped into selling the business in exchange for restricted shares in Steinhoff by its former CEO, Markus Jooste.
However, Pepkor has repeatedly said it has no intention of selling Tekkie Town and applied for leave to appeal the matter.
That hearing is set down for 13 September.
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