Pathfinder Minerals Plc Update Re. Mozambique Court Proceedings (7052Z)
15 December 2014 - 6:00PM
UK Regulatory
TIDMPFP
RNS Number : 7052Z
Pathfinder Minerals Plc
15 December 2014
Embargoed: 0700hrs 15 December 2014
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Update Re. Mozambique Court Proceedings
Maputo Court Confirms Pathfinder Shareholding in CMDN
Pathfinder announces that judgment has been received in respect
of the proceedings heard by the Maputo Court on 6 December 2012, at
which the Court considered the question of the status of the
shareholding of the Company's wholly-owned subsidiary, IM Minerals
Limited ("IMM"), in Companhia Mineira de Naburi ("CMDN").
IMM had sought the annulment of certain resolutions purportedly
passed at an extraordinary general meeting ("EGM") of CMDN on 9
December 2011 (the "December Resolutions" at the "December EGM").
The December Resolutions purported to dismiss Nicholas Trew and
Gordon Dickie as directors of CMDN and to cancel the shares in CMDN
previously held by IMM and to reissue them to General Veloso and
Diogo Cavaco. The December Resolutions were purportedly passed at
the December EGM convened by General Veloso and Diogo Cavaco
without the knowledge of IMM.
IMM had previously successfully obtained an interdict suspending
the effect of the December Resolutions and has now received
judgment in the substantive proceedings seeking their permanent
annulment. The Company is pleased to announce that the Maputo Court
has granted the annulment sought. In its judgment, the Mozambique
Court held that:
-- IMM acquired shareholder status in CMDN through the transfer
of shares from other shareholders.
-- In December 2010, registered share certificates representing
399,998 shares (i.e. 99.99 per cent. of the issued share capital)
in CMDN were issued and handed over to IMM.
-- CMDN's shares could be held in either registered or bearer
form; the argument that only the holders of bearer shares had
shareholder status in the Company was rejected by the Court.
-- IMM did not lose its status as a shareholder as a result of
General Veloso and Diogo Cavaco's attempts to cancel the shares and
reissue them to themselves in December 2011.
-- IMM was therefore a shareholder in CMDN as at December 2011
and had a right to be notified of and to take part in the December
EGM. Since IMM was not given notice of the December EGM, the Court
annulled the December Resolutions.
-- The Mozambique Court has also confirmed that the judgment of
the Mozambique Court given in October 2013, which purported to find
that IMM was not a shareholder in CMDN, is not binding on IMM
because IMM was not a party to the proceedings.
Speaking after the judgment, Nick Trew, Pathfinder's chief
executive said: "Once again the Maputo Courts have confirmed IMM's
status as shareholder in CMDN. I would urge General Veloso and
Diogo Cavaco to respect the rule of law and to accept the Court's
findings so that the parties can resume development of the project
for the benefit of the Company, its shareholders and the people of
Mozambique."
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 7464 8410
WH Ireland Limited (Nomad and Broker)
Tim Feather or Liam Gribben
Tel: +44 (0)113 394 6600
Vigo Communications
Ben Simons or Ali Roper
Tel: +44 (0)20 7016 9570
Email: pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England & Wales
and is admitted to trading on the AIM market of the London Stock
Exchange.
Companhia Mineira de Naburi S.A.R.L., a subsidiary of Pathfinder
Minerals, was issued mining concession licences 760C and 4623C on
13 September 2004 and 13 July 2011 respectively, each for a period
of twenty-five years. Taken together, these mining concessions
cover approximately 32,000 hectares of land on the Indian Ocean
coast of the Zambezia province of Mozambique, known to contain the
heavy minerals, ilmenite, rutile and zircon.
As announced on 3 February 2012, ownership of these licences is
being disputed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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