Important News Flash!
Dear HSAG Member
Kindly take notice that there is only one official HSAG Facebook Page available at www.facebook.com/hsaction.
Kindly take further notice that the Facebook Page available at www.facebook.com/PICkvestCAinfo is not the Official HSAG Facebook Page and that the HSAG Steering Committee completely distantiate themselves from the aforementioned Facebook Page.
For further information, please visit the Official HSAG Website at www.hsaction.co.za, alternatively contact Theron & Partners Attorneys at +27 21 88 77 8 77.
Highveld Syndication Action Group (“HSAG”)
HSAG Public Relations
11 July 2017
– “Legal dispute clouds senior Pickvest exec’s defection to HSAG”
Steyn denies financial dispute led to decision to support class action; Georgiou alleges attempted extortion.
Click here to read the full article by Moneyweb.
06 July 2017
Theron & Partners, Stellenbosch
– Notice to HSAG Members
It is known for a considerable time that Ms Elna Visagie is in the employment of Orthotouch / Mr Nic Georgiou.
Ms Visagie has sent/handed out documents to members of the HSAG enticing them to sign Applications for Migration with Orthotouch from Option 1 to Option 3, thereby effectively settling and waiving all their claims which they have through the HSAG class action against Mr Nic Georgiou and the other Respondents in the HSAG Class Action.
In such instance investors will be issued with shares by The Capital Growth Fund Limited (“CGF”) on date of a successful listing of CGF on the JSE.
What is more disturbing is that the people who contract with Orthotouch through Ms Visagie agree to the following:
- Their claims are only against Orthotouch stemming from the Business Rescue Plan and not from alleged fraudulent misrepresentations by the Respondents in the HSAG Class Action.
- Investors accept and acknowledge the existence and legal consequences of the S155 Scheme of Arrangement, which scheme the HSAG is currently in the process of setting aside.
- Investors’ application with Orthotouch to migrate is uncertain to the extent that Orthotouch may, in its own discretion, accept or reject it.
- Orthotouch does not admit any liability in the migration document which could enable a liquidator to possibly claim back monies paid out to investors by Orthotouch, should Orthotouch be liquidated in future.
- Investors lose all their claims against the Respondents, except the 33.3% stipulated in the migration document.
- Investors’ participation with the HSAG immediately end on acceptance of the migration document by Orthotouch and not only suspended (as insisted upon in the HSAG settlement agreement).
- All investors’ claims are settled and not only the claims signed with Orthotouch on the migration document.
- If Orthotouch fails to pay investors, investors can only sue in their own names on this migration document and not through the HSAG Class Action.
- By entering into the migration document, investors consent to a confidentiality clause which prohibits them to disclose any information.
- No further interest will be paid to investors, even if Orthotouch is in breach of the agreement.
- The investors’ right to claim monthly interest from Orthotouch lapses and he/she/they would only be entitled (but Orthotouch not necessarily be obliged) to dividends on a six month basis.
- The shares that investors acquire would only be ordinary shares and the investors will have no preference above anyone else.
- Investors run the risk that they acquire shares in a company that may be of little or no value if the HSAG succeeds in setting aside the S155 Scheme of Arrangement.
- Investors who migrate to Option 3 do not know what assets vest in the new to be JSE listed company, which effectively means that those people will receive no guarantee that their shares will be equal to the value associated/assigned to them.
- If the S155 Scheme of Arrangement is set aside or in the event of a liquidation of Orthotouch, a business rescue practitioner / liquidator may lay claim to those assets vesting in the JSE company, which could place the investors at further risk.
- People who migrate to Option 3 run the risk that they will not receive HSAG protection if Orthotouch or the JSE company fail to honour their legal obligations.
- The investors must in such instancec institute legal action in their own names of which the costs can become enormous.
- Investors and all HSAG Members are encouraged, if in doubt, to contact their own attorneys for independent legal advice.
- Ms Elna Visagie is not a registered financial advisor or member of the HSAG and HSAG members must be extremely cautious to sign documents presented by her without taking proper legal advice, as she is also working for Orthotouch.
6 July 2017
Official Highveld Syndication Action Group (“HSAG”) Communication