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EWI Vs Vmobile: No Plan to Settle Out of Court-Counsel By Gboyega Akinsanmi Despite that Econet Wireless International (EWI) had indicated interest to exercise its preemptive rights by re-investing $230 million in V mobile Nigeria Limited (formerly known as Econet Wireless Nigeria). The management of V mobile Nigeria has said there is no plan to settle the lingering dispute between the parties out of court. Counsel to V mobile Nigeria, Dr. Konyisola Ajayi yesterday confirmed that there was no plan for now to settle the legal battle between the parties out of court despite the fact that EWI had vowed to exercise its preemptive rights. Ajayi said "the parties in the substantive suit are not settling out of court. To the best of my knowlegde, there is no attempt ever made to resolve the matter out of court despite that EWI has indicated interest to put in $230 millin to the capital of V mobile. "As it is now, there are three High Court cases and one appeal on the matter. I have not received any information regarding the interest of the parties in the substantive suit and appeal to put an end to the legal tussle between them", he further explained. It would be recalled that V mobile Nigeria Limited terminated 5 percent equity of its technical partner, EWI and refused to sell 33 percent equity at the company's Annual General Meeting as a result of EWI's failure to provide $150 million to acquire 40,000,000 additional ordinary shares in the capital of V mobile. It alleged that EWI did not meet up with the 28-day ultimatum it gave EWI to exercise its preemptive rights, adding that indecision of its technical partner (EWI) to provide sufficient fund had indeed affected the company. The management of V mobile therefore resolved that the offer from Vodacom Group Pty to invest $150 million in the company through the subscription of 40,000,000 new ordinary shares was accepted at a price of $3.75 per share. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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