The battle over the ownership of Idion shares registered to the Vlok family is continuing, with the case postponed to August, although the family is still entitled to vote at Idion`s upcoming annual general meeting (AGM).
The case centres on Marius Vlok, the father of Idion CEO Nicolaas Vlok, who says he submitted the shares - belonging to him, his wife and his younger son - for dematerialisation, only to be informed that they had been sold to Idion rival DataMirror.
The shares represent about 1% of Idion`s issued share capital.
Vlok`s broker, DWM, which has applied to have the sale reversed, says there was no instruction to sell. However, this is being disputed by transfer secretary Computershare Investor Services, to which DWM forwarded the shares in question.
The Pretoria High Court froze the transaction and the case was scheduled to appear last Friday, but DataMirror requested a postponement to allow it to prepare.
Although Vlok`s legal team was opposed to the postponement, the matter will be heard only in August.
However, while the sale has been frozen until the court decides on the ownership issue, the shares are still registered in the names of Marius Vlok, his wife and younger son, and the rights of the family have been upheld in this regard.
Vlok says he is relieved about that, since the fact that the shares are registered in their names means they can still enjoy voting rights at the upcoming Idion AGM.
"I still have my voting rights - me and my family," he says. "That was very important to me because I want to be present at the AGM."
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