Polo Resources Limited CELAMIN HOLDINGS NL - INVESTMENT UPDATE (8275B)
April 06 2017 - 8:15AM
UK Regulatory
TIDMPOL
RNS Number : 8275B
Polo Resources Limited
06 April 2017
6 April 2017
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
SUCCESSFUL SEISURE APPLICATION
Polo Resources Limited (AIM: POL), the multi-sector investment
company with interests in oil, gold, coal, copper, phosphate,
lithium, iron and vanadium, notes that its 33.2 per cent investee
company Celamin Holdings NL ("Celamin") (ASX: CNL) has issued an
update regarding the progress of the legal proceedings between its
wholly owned subsidiary Celamin Limited and its joint venture
partner Tunisian Mining Services ("TMS") to recover its 51 per cent
shareholding in Chaketma Phosphates SA ("CPSA") that was
fraudulently transferred to TMS.
Celamin Limited has obtained a seizure order from the President
of the Tribunal of First Instance of Tunisia against all shares
that TMS has in CPSA being the 49 per cent of CPSA previously held
by TMS and the 51 per cent of CPSA shares fraudulently taken from
Celamin by TMS.
The seizure order, preventing TMS from dealing with any of these
shares, will remain in place until enforcement of the final
arbitral award. TMS has filed an appeal against the seizure order,
however, it remains in effect unless they are successful with the
appeal.
As noted in Celamin's ASX Release dated 14 April 2016, the sole
arbitrator also granted emergency and interim orders aimed at
preserving the status quo regarding CPSA's shares and assets until
the dispute is finally determined. These orders also act to prevent
TMS from disposal of CPSA shares and assets and penalties have been
ordered if TMS fail to comply. Celamin is also pursuing other legal
actions in Tunisia including criminal proceedings in relation to
the wrongful transfer of its CPSA shareholding to TMS
The Chaketma Phosphate Project is a world class asset and
Celamin believes it is best placed to manage the Project through to
development. When the Arbitration of its dispute with TMS is
concluded Celamin expects to resume control of the Project which it
sees is in the best interest of all parties and Tunisia and its
people.
Celamin is reviewing new project opportunities in Tunisia which
further demonstrates the company's confidence in Tunisia as an
investment destination.
The full details of the announcement can be viewed at
www.asx.com.au and the background of the dispute can be found at
www.celaminnl.com.au.
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014 and has
been announced in accordance with the Company's obligations under
Article 17 of that Regulation.
For further information, please contact:
Polo Resources Limited
Kudzayi Denenga, Investor
Relations +27 (0) 787 312 919
ZAI Corporate Finance Ltd
(nominated adviser)
Ray Zimmerman, John Treacy +44 (0) 20 7060 2220
Liberum Capital (broker)
Henry Freeman +44 (0) 20 3100 2000
Blytheweigh (public relations)
Tim Blythe, Nick Elwes, Camilla
Horsfall +44 (0) 207 138 3204
About the Company
Polo Resources Limited is a natural resources investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For further
details on Polo, please refer to: www.poloresources.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGGDZVMGNZM
(END) Dow Jones Newswires
April 06, 2017 08:15 ET (12:15 GMT)
Polo Resources (LSE:POL)
Historical Stock Chart
From Apr 2024 to May 2024
Polo Resources (LSE:POL)
Historical Stock Chart
From May 2023 to May 2024