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TIGER BRANDS LIMITED - Class Action Summons issued against Tiger Brands

Release Date: 17/04/2019 08:52
Code(s): TBS     PDF:  
Wrap Text
Class Action Summons issued against Tiger Brands

“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080

Class Action Summons issued against Tiger Brands

Shareholders are referred to the SENS announcement issued by the
Company on 3 December 2018, which confirmed that on that day,
the Johannesburg Local Division of the High Court of South
Africa, granted a certification order in the Class Action
Lawsuit, authorising the issuing of a Summons in a Class Action
to be instituted against Tiger Brands.

We confirm that the Company received the Summons in respect of
the Class Action Lawsuit on 16 April 2019.

No specific amount of damages is being claimed in the Summons,
as the first stage of the Class Action is concerned with
liability and not the quantum of damages. The quantum of damages
will be dealt with in the second stage of the Class Action,
after the court has made a ruling with regard to liability, and
only if the court finds that the Company is liable.

The Plaintiffs’ claims for damages comprise three parts, namely
claims in terms of the Consumer Protection Act; alternatively,
claims in delict; and thirdly claims for exemplary or punitive
or Constitutional damages, notwithstanding that the law in South
Africa does not, we are advised, currently recognise a claim for
exemplary or punitive damages, or Constitutional damages of an
exemplary or punitive nature.

As previously confirmed, the Company has product liability
insurance cover appropriate for a group of its scale. Coverage
is subject to the terms and limits of the policy.

Our insurers have advised that the product liability policy does
not include cover for exemplary or punitive damages, should such
an award be made by the Court, and in addition, should an award
be made for Constitutional damages, the product liability policy
will not cover that portion of the award which relates to
exemplary or punitive damages which are not compensatory in
nature. The Company reserves its rights in this regard.

The Company intends to defend the Class Action and the Company
is preparing to follow due legal process. When appropriate, it
will issue further communication as material milestones in this
process are reached.

17 April 2019

J.P. Morgan Equities South Africa Proprietary Limited

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