Nutritional Holdings Liquidated as Shareholders Fight Over Remaining Assets
Suspended JSE cannabis company Nutritional Holdings has been put into liquidation by disgruntled former directors and shareholders. But the company is seeking to reverse the final liquidation order which was granted on 2 August 2022, saying there were several technical irregularities.
11 August 2022, 08:00:00
Nutritional Holdings is defending an action from the same group of shareholders in court in Durban today, 11 August 2022, to liquidate subsidiary Nutritional Foods, which is where any remaining value resides in the struggling group.
Nutritional Holdings board issued a statement on SENS on 10 August 2022 saying “shareholders are reminded that the liquidation application has been brought by former directors and shareholders and this matter is being investigated by the new board, as itappears that there may have been breaches of both the Companies Act and the JSE Listings Requirements when the directors apparently granted themselves security over their loan, as well as other concerns. A letter of financial support had been provided by such shareholder as included in the results announcement published on SENS on 31 May 2019”.
The update below is drawn directly from the SENS announcement.
1. The Company has learnt that a final liquidation order was granted against the
Company on 2 August 2022. The shareholders are lodging an application to have this
set aside for reasons including:
a) the court case with Nutritional Foods Proprietary Limited (“NF”), where the actual
assets reside in is still ongoing as per item 2 below:
b) The notice was served on the Company at a former vacant office, which had
been burnt and vacated (this was however the registered address of the
c) The Company was checking the court rolls on and the names of the parties were
incorrect, being stated as Pop Up Trading (Pty) Ltd vs National Holdings Limited.
None-the-less council was alerted and made representation to appeal for an
extension but was unsuccessful.
d) There remain flaws and possible improprieties around the granting of the security,
which must first be investigated forming part of the defence.
2. The court case relating to NF is being heard tomorrow and is similarly being defended
by the Shareholders on behalf of the Company.
A further announcement in this regard will be published in due course. Shareholders are
reminded to continue to exercise caution when dealing in their securities.
By order of the Board, Durban 10 August 2022.
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