{"id":68238,"date":"2014-09-11T11:58:01","date_gmt":"2014-09-11T09:58:01","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=68238"},"modified":"2014-09-11T11:58:01","modified_gmt":"2014-09-11T09:58:01","slug":"huge-group-in-r10-million-mtn-legal-settlement","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/68238\/huge-group-in-r10-million-mtn-legal-settlement\/","title":{"rendered":"Huge Group in R10 million MTN legal settlement"},"content":{"rendered":"

Huge Group says that it has paid MTN a settlement amount of R10 million with all legal action instituted by the mobile operator thereby withdrawn.<\/span><\/p>\n

MTN filed against Huge Group in 2011 demanding R30 million, plus interest, following its acquisition of iTalk Cellular, to which Huge had objected for competition reasons.<\/p>\n

In August, Huge said in a SENS announcement that it would pay MTN R10 million before September 15.<\/p>\n

The Alt-X listed holding company said on Tuesday that it raised R20 million in a rights offer.<\/p>\n

The rights offer closed on Friday, 5 September 2014, and was oversubscribed by 43%, Huge said.<\/p>\n

Huge said that part of the proceeds would be used\u00a0 to “satisfy the settlement agreement reached with a major supplier of the group”, with the remainder used “to finance the rapid growth which the company is experiencing currently”, BusinessDay reported.<\/p>\n

In a brief business update on Thursday, Huge Telecom said “it continues to enjoy high levels of sales activity, achieving another record month in August, and has now sold 6 800 new telephone lines since the commencement of the current financial year”.<\/p>\n

“With the settlement of the dispute above, which had been the main remaining area of uncertainty, and management\u00b4s continued focus on the new business model, the board\u00b4s view is that a solid foundation has been laid in order to grow the business,” the group said.<\/p>\n

In May, Huge reported a 23% decline in revenue for the year ended\u00a0 February 2014, from R266 million, to R203.5 million; however, headline earnings per share advanced to 13.92 cents per share, from a loss of 4.07 cents in 2013.<\/p>\n

The group reported an operating profit of R18 million, from a prior loss of R1.2 million before.<\/p>\n

More on Huge Group<\/h3>\n

Huge completes R20 million rights offer<\/strong><\/a><\/p>\n

Huge Group earnings boosted by telecoms<\/strong><\/a><\/p>\n

Huge Group sees turnaround<\/strong><\/a><\/p>\n

Interims a mixed bag for Huge Group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Huge Group says that it has paid MTN a settlement amount of R10 million with all legal action instituted by the mobile operator therefore withdrawn.<\/p>\n","protected":false},"author":10,"featured_media":37940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[26,2258,28],"class_list":["post-68238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile","tag-headline","tag-huge-group","tag-mtn"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/68238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=68238"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/68238\/revisions"}],"predecessor-version":[{"id":68244,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/68238\/revisions\/68244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/37940"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=68238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=68238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=68238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}