ASA Resource Group PLC Update alleged lawsuit - Zindico Consortium (9611T)
12 January 2017 - 6:00PM
UK Regulatory
TIDMASA
RNS Number : 9611T
ASA Resource Group PLC
12 January 2017
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Update alleged lawsuit - Zindico Consortium
Asa Resource announces that, further to its announcement on 5
January 2017, Freda Rebecca Gold Mine, in which the Company has an
85% interest, has been served with a claim in the High Court of
Zimbabwe. The claim has been issued by Zindico Consortium
("Zindico").
Zindico's claim appears to be based on a two year old draft,
unsigned agreement which, if signed, would have been conditional
upon the approval of the Directors of Mwana Africa plc (the
previous name of Asa Resource).
The draft agreement was apparently negotiated by Mr Kalaa
Mpinga, the then chief executive of Mwana Africa plc, who appears
never to have submitted it for approval to the Board of Directors
of Mwana Africa plc, and it has not been approved by the Board of
Directors.
The alleged claim seeks implementation of the draft, unsigned,
agreement in relation to implementation of Zimbabwean
Indigenisation laws.
Asa Resource is currently seeking legal advice on this matter in
Zimbabwe and will update the market further in due course.
CONTACT
London
Asa Resource Group plc.
One Fleet Place, London EC4M 7W
Niall Henry, non-Executive Director (Investor Relations)
communications@asaukplc.com
Hong Kong
Yim Kwan, Finance Director
Asa Resource Group plc.
Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road,
Hong Kong
Nominated Adviser and Joint Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
This information is provided by RNS
The company news service from the London Stock Exchange
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