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Settle here

NOTICE TO HSAG MEMBERS: RE SETTLEMENT 

The contracts for Settlement due for signing on 30 and 31 March 2017 was tendered to Mr Nic Georgiou to sign at Stellenbosch, as agreed with him.

Mr Georgiou attended the meeting but however declined to sign the agreements and indicated that he soon wants to make a more favourable offer than the current one on the table, to enable him to settle the HSAG Class Action as a whole and not only a portion thereof.

Once we have received a formal offer, we shall communicate it to you. The current offers are still on the table.

The HSAG shall in the meantime continue to pursue the claims of its members until it is resolved satisfactorily, whether via the legal route or via settlement.

31 March 2017

Theron & Partners, Stellenbosch

 

Timeous Settlement Applications / Tydige Skikkingsaansoeke

Document: Final Settlement Proposal (Afr/Eng) (Form C1) 

Example of completed Form B and Form C

Example of completed Form C1 

Voorbeeld van voltooide Vorm B en Vorm C

*AFRIKAANSE TEKS HIERONDER

IMPORTANT NOTICES:

  1. Mr Nic Georgiou undertook to inform us by Wednesday 2 November 2016 of the final list of approved Applications for the Settlement (as per Form “B“) as set out in the Terms and Conditions of Settlement agreed upon with him. He reiterated that the delay was due to administrative and confirmation issues and therefore requested an extension of time to provide the list of approvals. A further extension until 2 November 2016 was accordingly granted to Mr Georgiou to provide the list of successful applications in terms of Form B. This list was only provided to us on 15 November 2016.
  1. Following the above delays, the time for the submission of Form “C” (the Power of Attorney to Settle on behalf of HSAG members) for those applicants who have not submitted their Form Cs, was extended until Wednesday 16 November 2016 at 13:00.  The reason was that we planned and agreed with Mr Georgiou to sign the Settlement Agreements with Mr Georgiou/Orthotouch on Thursday, 17 November 2016.
  1. On the 17th of November 2016 Mr Georgiou requested a further extension to sign the Agreements between the middle and the end of January 2017. We requested Mr Georgiou to put his further request in writing and he indicated that he will provide us with his written request by no later than 25 November 2016.
  1. Mr Nic Georgiou indicated that the reason for the above further request was in order for him to finalise his financial position to perform in terms of the Settlement Agreement he also indicated that he will only be able to make payments during but not later than April 2017.
  1. The above extensions are not in accordance with the spirit of the Settlement Agreement dated 11 August 2016 and signed by Mr Georgiou and ourselfs and we indicated that we shall obtain instructions from the Settlement Investors.
  1. If there are enough requests we will publish an opinion poll in due course to establish whether the above proposal is acceptable by the Settlement Investors, or not.
  1. We once again confirm that the only official information of the HSAG can be obtained from our website at hsaction.co.za. All correspondence must be forwarded to the email adresses as depicted on our website.

We would like to thank everyone for their excellent and timeous cooperation in finalising their registrations and/or settlement applications, as instructed on our website. The compliance of the HSAG (existing and new) members for settlement and also to meet the deadline, was so far also very good.

THE NEXT STEPS IN THE PROCESS ARE AS FOLLOWS WITH REGARDS TO TIMEOUS SUBMISSION OF APPLICATIONS TO SETTLE:

STEP 1: Submission of Form “B”
This process was done and completed by Theron & Partners and we have now processed all Applications for Settlement (Form “B”) submitted before the deadline of 30 September 2016.

STEP 2: Verification and Confirmation of Applications to Settle
This process is done by Mr Georgiou/Orthotouch who must now verify and approve the Form B’s that was provided to him in October 2016. Mr. Georgiou assured us that he only required a day or two to verify same and we had trusted to have received his confirmation at the latest by Wednesday, 2 November 2016. However until date hereof no confirmation was forthcoming.

STEP 3: The signing of the Settlement Agreement
A blank specimen of the settlement agreement that was negotiated with Mr Georgiou/Orthotouch was published on our website prior to the deadline. Some clients completed and signed the specimen settlement agreement, but the vast majority of clients have not done so. The signing of this document after the completion of Step 2 may cause delays, which would not be in the best interest of those clients who have already signed the Settlement Agreement. Due to the number of investors who opted to settle, we have decided (also from a practical, cost and logistical point of view) to obtain a one-page document (in the form of a power of attorney – Form “C”) from all our clients, which document will enable us to sign the Settlement Agreement on behalf of a number of clients simultaneously.

KINDLY TAKE NOTE THAT our offices can only enter into a binding agreement with Mr Georgiou/Orthotouch if the Applicants for Settlement duly signed a power of attorney (Form “C”) and forward same to us before the deadline of 13:00 on 16 November 2016.

STEP 4: Completion of the settlement agreement

Once Mr Georgiou/Orthotouch has signed the Settlement Agreement the stipulations of the Deed of Settlement become effective, which amongst others, include the claiming and payment of funds by and in favour of the investors.

Monies that are received at our firm on behalf of clients as a result of the Settlement and that are paid out to them, would be subject to the requirements of the Attorneys Act, the Law Society Rules and also FICA.

Some persons who applied for settlement have not been approved by Mr Georgiou/Orthotouch. A list of these persons (with only initials and surnames) will be made available once we have received the requested list and we ask these investors to then contact us urgently at hsagsettle@gmail.com in order to confirm their detail.

The three main reasons for the rejection of the applications were duplications, non-registration or deceased estates.

A new date for the signing of the agreement is now reserved for 17 November 2016. Further dates may follow subject to the cooperation of Mr Georgiou/Orthotouch as well as the cooperation of the Applicants to Settle. We therefore require that our clients complete and sign, as a matter of priority, the attached/included “Power of Attorney to Sign a Settlement Agreement” (Form “C”) to be able to have their documents signed as planned. This document must be returned to hsagsettle@gmail.com before the third deadline of Form “C”, which is scheduled for 13:00 on Wednesday, 16 November 2016.

We trust that you will find the above in order and will keep you informed of any further developments and processes.

Please be advised accordingly.

Yours faithfully,
Theron & Partners
STELLENBOSCH
021-887 7877

*ENGLISH TEXT ABOVE

BELANGRIKE KENNISGEWINGS:

  1. Mnr Nic Georgiou het onderneem om ons teen Woensdag 2 November 2016 van die finale lys van goedgekeurde Aansoeke om te Skik (soos per Vorm “B”) en uiteengesit in die “Terme en Voorwaardes van Skikking” soos met Mnr Georgiou ooreengekom, te voorsien. Mnr Georgiou het bevestig dat die oponthoud aan administratiewe en bevestigingskwessies toe te skryf is en het versoek vir die verlenging van die sperdatum ten einde die lys van suksesvolle skikkingsaansoeke aan ons te verskaf. Verdere uitstel is gevolglik tot 2 November 2016 aan Mnr Georgiou toegestaan ten einde bovermelde lys kragtens Vorm “B” aan ons te verskaf. Die lys is egter eers op 15 November 2016 deur ons ontvang.
  1. As gevolg van bogenoemde oponthoude is die sperdatum vir die indiening van Vorm “C” (Volmag om te Skik namens die lede van die HSAG) na Woensdag 16 November 2016 om 13:00 verleng. Die rede hiervoor was dat ons beplan het en met Mnr Georgiou ooreengekom het, om die Skikkingsooreenkomste met Mnr Georgiou/Orthotouch op Donderdag, 17 November 2016 te teken.
  1. Op 17 November 2016 het Mnr Georgiou nog ’n versoek gerig tot uitstel om die Skikkingsooreenkomste vanaf middel tot einde Januarie 2017 te teken. Mnr Georgiou is gevra om die versoek in skrif aan ons te rig en het hy aangedui dat hy ons van sodanige skriftelike versoek teen nie later nie as 25 November 2016, sal voorsien.
  1. Mnr Georgiou het aangevoer dat hy die uitstel versoek omrede hy sy finansiële posisie wil finaliseer ten einde aan die voorwaardes van die Skikkingsooreenkoms te voldoen. Hy het verder aangedui dat hy eers gedurende, maar nie later nie as April 2017, in staat sal wees om die eerste betalings te kan maak.
  1. Bogenoemde uitstelle is nie in ooreenstemming met die gees van die Skikkingsooreenkomste wat op  11 Augustus 2016 aangegaan is met onderteken is deur Mnr Georgiou en onsself nie, en het ons aangedui dat ons instruksies van die Beleggers wat belangstel om te skik, sal verkry.
  1. Indien daar genoeg versoeke is, sal ons ’n meningspeiling publiseer ten einde vas te stel of bogenoemde voorstel aanvaarbaar is vir die beleggers, of nie.
  1. Ons bevestig weereens dat die enigste amptelike inligting oor die HSAG op die webtuiste, hsaction.co.za bekom kan word. Alle korrespondensie moet na die e-pos adresse soos aangetoon, gestuur word.

DIE STAPPE IN DIE SKIKKINGSPROSES TEN OPSIGTE VAN BETYDSE INDIENING VAN AANSOEKE TER SKIKKING IS SOOS VOLG:

STAP 1: Indiening van Vorm “B”
Hierdie proses is behartig en voltooi deur Theron & Vennote. Ons het alle aansoeke vir skikking (Vorm “B”) wat vóór die sperdatum ingedien is, reeds geprosseseer.

STAP 2: Bevestiging van Aansoeke om te Skik
Hierdie proses word behartig deur Mnr Georgiou/Orthotouch, wie tans die Vorm B’s, wat reeds in Oktober aan hom verskaf is, moet verifieër en goedkeur. Mnr Georgiou het ons verseker dat hy slegs ’n dag of twee nodig gehad het om die verifikasie van die Vorm “B’s” te voltooi. Ons het vertrou dat ons sy terugvoer ten aansien van bovermelde prosesse teen die laatste op Woensdag, 2 November 2016 kon verwag. Tot op datum is egter geen bevestiging hieroor ontvang nie

STAP 3: Die ondertekening van die Skikkingsooreenkoms
’n Blanko voorbeeld (“Specimen”) van die Skikkingsooreenkoms wat met Mnr Georgiou/Orthotouch onderhandel is, is reeds vóór die sperdatum op ons webtuiste gepubliseer. Sommige kliënte het reeds bovermelde voorbeeld Skikkingsooreenkoms voltooi en onderteken, maar die oorgrote meerderheid het nie die tersaaklike dokument onderteken nie. Ondertekening daarvan deur Mnr Georgiou/Orthotouch geskied eers nadat Stap 2 (hierbo) voltooi is. Weens die getal beleggers kan dit vertragings tot gevolg hê as ons wag totdat almal se getekende dokumente ontvang is, wat nie in die beste belang van die kliënte (wat reeds die dokument onderteken het) sal wees nie. Soos voorheen berig en weens die beduidende aantal kliënte wat aangedui het dat hulle begerig is om te skik, het ons besluit om (ook vanuit ’n praktiese, koste en logistieke oogpunt) ’n een-bladsy dokument in die vorm van ’n volmag (Vorm “C“) vanaf ons kliënte te bekom. Dit sal ons in staat stel om gelyktydig Skikkingsooreen-komste namens ’n groep kliënte te voltooi en onderteken.

NEEM ASSEBLIEF KENNIS DAT ons kantore slegs ’n bindende ooreenkoms met Mnr Georgiou/Orthotouch kan aangaan as die Aansoekers om te Skik ’n Volmag (Vorm “C”) geteken het en aan ons gestuur het voor bogenoemde sperdatum.

STAP 4: Voldoening aan die Skikkingsooreenkoms

Wanneer Mnr Georgiou/Orthotouch die Skikkingsaanbod onderteken tree die bepalings van die Skikkingsakte in werking, wat onder andere die vordering, betaling en uitbetaling van fondse deur en ten behoewe van die beleggers behels.

Gelde wat namens kliënte by ons firma in navolging van die skikking ontvang en uitbetaal word is onderhewig aan die vereistes van die Wet op Prokureurs, die Reëls van die Wetsgenootskap en ook FICA.

Enkele persone wie aansoek gedoen het om te skik was nie aanvaarbaar vir Mnr Georgiou/Orthotouch nie. ’n Lys van gemelde persone (met slegs voorletters en van) sal nog bekend gemaak word met ontvangs daarvan vanaf Mnr Georgiou/Orthotouch en sodanige beleggers word versoek om dan met ons in verbinding te tree by hsagsettle@gmail.com ten einde hul besonderhede te bevestig.

Die drie hoofredes vir die afwysing van die aansoeke om te skik was weens duplikasie, nie-registrasie en afgestorwe boedels.

’n Datum vir die ondertekening van die Skikkingsooreenkomste (soos gepubliseer) is nou vir 17 November 2016 geskeduleer. Verdere datums mag egter volg onderhewig aan Mnr Georgiou/Orthotouch se samewerking asook die samewerking van die Aansoekers om te Skik.

Derhalwe versoek ons dat ons kliënte die aangehegte/ingeslote “Volmag om Skikkingooreenkoms te Onderteken” (Vorm “C”) volledig voltooi en terugstuur aan ons kantore by hsagsettle@gmail.com vóór die verstryking van die Vorm “C“-sperdatum op Woensdag, 16 November 2016 om 13:00.

Ons vertrou u vind voormelde in orde en sal u op hoogte hou van verdere verwikkelinge en prosesse.

Vriendelike groete,
Theron & Vennote
STELLENBOSCH
021-887 7877