Media24 might not be terminating its printing contract with Novus Hildings.
While the company said in a SENS announcement that Media24 having the right to terminate its existing printing agreements entered into with the Novus Holdings group on six months’ written notice.
The company said it has also removed Lambert Retief as a party to its merger agreement with Media24 Proprietary Limited. Lambert Retief’s name was removed due to his passing on 25 January 2017.
As a result, Lambert Retief ceased to be a party to the Restated Management Agreement when he ceased to act as non-executive Chairman of Novus Holdings on his passing. As such, Lambert Retief’s rights and obligations under the Restated Management Agreement have terminated. Contrary to the January Announcement, Media24’s and Novus Holdings’ respective rights and obligations under the Restated Management Agreement remain in effect, in accordance with the terms of the Restated Management Agreement.
The company said in terms of the interpretation of the parties to the Existing Printing Agreements, Lambert Retief ceasing to be party to the Restated Management Agreement, when he passed, gave Media24 the right to terminate the Existing Printing Agreements. However, Media24 has not terminated and has subsequently waived, without derogating from any of its other termination rights, any right that it may have had to terminate the Existing Printing Agreements as a consequence of Lambert Retief ceasing to be a party to the Restated Management Agreement.
Accordingly, the Restated Management Agreement, as it relates to Media24 and Novus Holdings, and the Existing Printing Agreements remain in effect, on the terms as disclosed in Novus Holdings’ pre-listing statement dated 4 March 2015.