Supreme Court of Appeal Upholds Appeal in Favour of Altron
ALLIED ELECTRONICS
CORPORATION LIMITED
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
(“Altron”)
SUPREME COURT OF APPEAL UPHOLDS APPEAL IN FAVOUR OF ALTRON
Shareholders are advised of the unanimous decision handed down this morning by the
Supreme Court of Appeal (“SCA”) in the matter of Altech Radio Holdings Proprietary Limited
(now called Altron Nexus) and others vs The City of Tshwane Metropolitan Municipality (“the
City”).
The SCA overturned with costs the previous judgment of the High Court in Pretoria in its
entirety. The ruling has the following implications:
– There was no basis for finding any possible maladministration or mismanagement of
Altron Nexus.
– The City and its officials were solely to blame for its predicament.
– The ruling confirms that the broad contract is in force and should be resumed without any
further delay. The original contract was for three years, with an additional 18 years for an
operate and maintenance contract.
– Altron Nexus will be able to recover all its costs and any amounts outstanding under the
contract.
The Board of Altron welcomes the SCA ruling and Altron will engage with its partners and the
City regarding the way forward.
Johannesburg
5 October 2020
Sponsor
Investec Bank Limited
Date: 05-10-2020 02:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.