Jere still owns 25% of Caps — Hove

HARARE lawyer Tinofara Hove has acknowledged that businessman Farai Jere still owns 25% of Caps United, despite the disappearance of share certificates from his offices.

REPORT BY WELLINGTON TONI

Jere quit Caps United last year and has indicated that he will not return to football anytime soon, or acquire a stake in Motor Action.

Instead, he is working around the clock to recover 75% of the $1,4 million he invested in the club and the share agreement.

According to documents seen by NewsDay Sport, Hove was the chief negotiator in the deal that gave Jere the 25% shareholding of Caps United Football Club and Caps United (Pvt) Ltd, leaving his partner Twine Phiri with 75%.

Hove’s affidavit, signed on February 15, reads: “I was personally and professionally involved in the negotiations, discussions and sale of 25% shareholding of Caps United Football Club and Caps United (Pvt) Ltd from Twine Phiri and the said companies to Farai Jere.

“Most of the discussions, which were conducted in the boardroom of Honey and Blackenburg Legal Practitioners, were between Twine Phiri and Lewis Uriri, on the one side, and Farai Jere and TK Hove on the other.

“I confirm that Farai Jere bought and paid for a 25% shareholding in Caps United Football Club and Caps United (Pvt) Ltd. The full purchase prize was paid to Twine Phiri.

“The formula used in determining the value of these shares was the submission by Twine Phiri that he had sold four properties (houses) in order to acquire the 100% shareholding in Caps United Football Club and Caps United (Pvt) Ltd.

“Accordingly, 25% shareholding in Caps United Football Club and Caps United (Pvt) Ltd was equivalent to the value of one property in Mt Pleasant. Both parties duly signed and executed the shareholding agreement. Phiri confirmed receipt of the purchase price and retained his copies of the documents.

“I retained copies on behalf of Farai Jere and Logistica Shipping and Freight (Pvt) Ltd.

“The file of documents for Caps United Football and Caps United (Pvt) Ltd were lost and/or misplaced whilst at my offices. Be that as it may, it was never an issue or in dispute that Farai Jere and Logistica Shipping and Freight (Pvt) Ltd are 25% shareholders of Caps United Football Club and Caps United (Pvt) Ltd.

“I further confirm that Farai Jere and Logistica Shipping and Freight (Pvt) Ltd have not sold and/or disposed of their shareholding in Caps United Football Club and Caps United (Pvt) Ltd. They are still the legitimate shareholders.

“I further confirm that Twine Phiri is aware of the fact that Farai Jere is the legitimate holder of the said shareholding in the company.”

Last week, Jere was linked with Mighty Bulls after its director Eric Rosen approached him, but the former has stated he is not returning to football anytime soon.

“I don’t have any intentions to come back into football anytime soon. Yes they say, once in football always in football, but not anytime soon. For the record, I am not joining Motor Action or any club. Motor Action director Eric Rosen approached me at my Eastlea offices with a partnership proposal. I told him that I still have to finish my issues with Caps United. I have to first recover my 25% shareholding in Caps United and recover my $1,4m.

“TK Hove is working on recovering my 25% shareholding in Caps United which disappeared from his office. That is his issue to recover those shares. Only after recovering, disposing of those shares and recover (ing) my $1,4m which I invested in Caps United since 2005 up to the end of 2012 season, that is when I can move forward. I can’t lose all that and keep quiet,” he said last week.

5 Comments

  1. stop creating controversy jere.buda pachena.urikuda zvebhora here or kwete.u cey u still 25% kumadofo egreen,bt urikuti u wnt to take a rest frm soccer.urikutiiko iwe.taura nyaya yako kamwechete.

  2. The full purchase “prize” was paid to Twine Phiri. Its “price” go back to spelling school Mr reporter, we expect better of you.

  3. I have a feeling Twine Phiri is denying that Jere ever owned 25%. With the documemts missing inofa yakalodha. “I further confirm that Twine Phiri is aware of the fact that Farai Jere is the legitimate holder of the said shareholding in the company.” Twine should acknowledge and not simply know that Jere owns the shares. Hove ari patight.

  4. eve
    n mr phiri should give up the 75 % stake to caps holdings, people who have fans at heart. Twine n co wantd to deprive us of our hapiness. Please allow others to sponsor and manage the club. It has become too big 4 u

  5. buy win 7 home.thank you.

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