On Digital Media (ODM), owner of South African pay-TV satellite platform TopTV, has
issued the following statement regarding media reports that pertain to an urgent court
application brought against the company and its business practitioner, Petrus (Peter)
van den Steen, by two shareholders.
The statement reads: “ODM is aware of the media reports. Through its legal
representatives, ODM intends opposing the urgent application. As the matter is before
the courts we would decline to comment further at this stage.’
On 23 October TechCentral reported that two ODM shareholders, First National Media
Investment Holdings (FNMIH) and Mergan Moodley, who together hold 21,1% of ODM’s
equity, lodged the court application to stop what they call the “premature’
implementation of the business rescue plan agreed to on 30 April 2013.
As per the business rescue plan, China’s StarTimes will receive an effective 65%
economic stake in the company.
