Spur tastes likely win

COURT CASE: COMPANY HAS THEREFORE NOT PROVIDED FOR LIABILITY

- Roy Cokayne

SE-listed Spur Corporation is confident about the outcome of a multi-million-rand high court dispute with a South African subsidiary of the global GPS Food Group.

The parties agreed to refer the matter to arbitration, and Spur said last week in an update on the dispute in its results for the six months to 31 December 2024 that closing arguments in the arbitration were concluded on 9 December. The parties currently await the outcome.

Spur said subsequent to the end-December reporting period, its attorneys, together with senior counsel, assessed and presented a review of the merits of the case and prospects of success and concluded that, based on the information available to them, it is more likely than not that Spur will be able to successfully defend the claims.

"Supported by the opinion of its legal advisors, the board considers that the probability of the occurrence of the claimed losses, at this point in the legal proceedings, is therefore not likely," it said.