Tegeta notes media reports regarding an application issued by Barloworld against Optimum Coal Mine (Pty) Ltd (“Optimum”).

Following its purchase of Optimum in April this year, and whilst Optimum was still in business rescue, Tegeta inherited a disputed balance with Barloworld.

Optimum has instructed its bankers to settle the balance (under protest) and insisted on delivery of all supporting documents and invoices to substantiate Barloworld’s claim.

Payment was made on 26 October 2016.

Given the above, Tegeta and Optimum expect Barloworld’s application to be withdrawn.