The Marais term sheet makes reference to a ZAR10-million payment for the rights to exclusivity, while the Bantom-signed term sheet has no such clause. One of the main issues is the 90-day period of exclusivity – during which time Marais and the WPRFU may not “solicit, initiate or encourage any expression of interest, enquiry, proposal or offer regarding any merger, amalgamation, business combination, takeover bid, sale or other disposition of the equity in and/or business and/or assets of any of the parties.” There are some differences between the term sheets. “The ExCo resolved, inter alia, that it accepts the Staytus term sheet,” the letter said, adding: “The resolution was adopted by a simple majority of the members, at which the prescribed quorum of members were present.”īantom signed the Staytus term sheet on August 20 – a term sheet that had already been signed by Roux on August 5, well ahead of the appearance of the Marais term sheet. In contrast, the second term sheet, signed by Bantom and Roux, was – according to the Werksmans letter – discussed at an ‘urgent meeting’ of the Executive Committee of the WPRFU. It is now claimed that the first term sheet was not even discussed by or mandated by the WPRFU executive committee. It emerged at last Thursday’s fractious general council meeting that Marais may not have been mandated to sign the term sheet and Roux made a statement in the meeting that the document was drawn up by Marais’ attorneys. The other term sheet is signed by vice-president Ronald Bantom and signed by Staytus Director Werner Roux. The one term sheet was signed by Marais, but not signed by Staytus representative. This all comes in a week that the WPRFU clubs filed a second ‘vote of no confidence’ in Marais.Īs revealed, Monday afternoon (August 30) 21 clubs had filed letters in support of a ‘vote of no confidence’ against Marais.Īt the heart of the latest legal stand-off is two term sheets. Staytus is now also threatening to claim ‘damages’ from Marais for having engaged with an alternative benefactor while Staytus has – what they believe – is a signed exclusivity agreement with the WPRFU. That means Flyt/Dream World will likely proceed with their legal action against Marais and the WPRFU. Given that the Staytus offer won’t be approved this week – despite terms sheets having already been signed – the settlement agreement with Flyt/Dream World will expire on Friday. The only point on the agenda – apart from the welcome and obituaries – is the Staytus attorney’s letter.
Notice has already been given of a WPRFU council meeting, scheduled for next Thursday, September 9.
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