TIDMPOL
RNS Number : 9385M
Polo Resources Limited
02 May 2018
02 May 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS NL - INVESTMENT UPDATE
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 investee company,
Celamin Holdings NL ("Celamin") (ASX: CNL) has as announced details
of its activities for the Quarter ending 31 March 2018.
Summary:
-- Completion of $1.55M Placement.
-- Celamin granted 3 month extension to the deadline for the
company to be removed from the ASX official list.
-- Celamin continues to focus on pursuing the return of its
interest in Chaketma Phosphates SA ("CPSA").
-- Legal actions continue in the Tunisian courts.
-- Seizure order obtained over all shares in CPSA held by TMS.
-- Shares remain suspended from trading on ASX.
Celamin has been focused on the exploration and development of
the Chaketma Phosphate Project in Tunisia. The Chaketma Project is
a potential large scale phosphate development asset, which
comprises six prospects over a total area of 56km(2) . It hosts a
total JORC compliant Inferred Resource of 130Mt @ 20.5% P O ,
confirmed from drilling at only two of the project's six
prospects.
Arbitration Success:
As previously announced by Celamin on 1 December 2017, a final
award ("Final Award") has been delivered by the sole arbitrator
("Arbitrator") appointed by the International Court of Arbitration
of the International Chamber of Commerce to conduct the arbitration
of its Celamin Limited's dispute with its joint venture partner
Tunisian Mining Services ("TMS") in relation to the fraudulent
transfer to TMS of Celamin's 51% shareholding in CPSA, the
operating company which holds the Chaketma Phosphates Permit. The
Arbitrator has found in favour of Celamin Limited ordering TMS to
return Celamin Limited's 51% shareholding in CPSA and to pay
damages and costs in excess of US$4 million.
To date, TMS has not complied with the Final Award, which is
binding on both parties. Celamin Limited applied for enforcement of
the Final Award in Tunisia by way of application to the Tunisian
Court of Appeal lodged in March 2018. If enforcement is granted,
the award may be executed against TMS in the same manner as any
Tunisian Court decision.
As previously announced on 6 April 2017, Celamin Limited has
obtained a conservatory Seizure Order against all shares that TMS
owns in the capital of CPSA from the President of the Tribunal of
First Instance of Tunisia, which prevents TMS from dealing with any
of its shares in CPSA. An appeal by TMS against this Seizure Order
was dismissed by the Tribunal in February 2018 and the Seizure
Order will remain in place until enforcement of the final arbitral
award.
TMS lodged an application to set aside the Final Award with the
Swiss Federal Court in January 2018 on the basis of an alleged
procedural defect. TMS allege in this application that they were
not provided with certain invoices relating to a portion of the
damages awarded in the Final Award, a matter which is unequivocally
denied by Celamin's legal counsel, who also advise that the issues
raised by TMS are not relevant to the Arbitrator's decision on the
merits of the dispute in the Final Award. Submissions have been
made by both parties on this application and a decision is now
awaited.
Celamin is also continuing with various other legal actions in
Tunisia including the criminal proceedings and debt recovery
actions as previously announced.
Celamin has also initiated a strategy to engage with a local
partner for the re-commencement of activities in Tunisia following
the successful arbitration award and the start of the enforcement
process.
ASX Suspension Update:
As previously advised (Celamin's ASX Release 2 March 2018),
Celamin is committed to completing the steps necessary to support
an application for reinstatement of the company's shares to trading
on ASX. To allow the company time to complete these necessary steps
ASX extended the deadline for removal from the ASX Official List by
3 month to 6 June 2018.
ASX has now granted Celamin a further short extension to this
deadline for removal from the ASX Official List to Friday, 15 June
2018, allowing more time for completion of Celamin's application
for reinstatement. (For further details refer Celamin's ASX Release
27 April 2018).
Subsequent to the end of the quarter, Celamin announced its 31
December 2015 half-year financial report, 30 June 2016 annual
report and 31 December 2016 half-year financial report.
Funding Update:
During the March 2018 quarter Celamin announced the completion
of the second Tranche of its placement to AFL3, Polo Resources,
Lion Selection Group, Directors and sophisticated investors,
including clients of Patersons Securities Limited, following
shareholder approval at the company's General Meeting held on 14
February 2018.
The placement raised a total of $1.55 million with proceeds to
be used to pursue enforcement of the Final Arbitration Award for
recovery of its interest in the Chaketma Phosphate Project, and
other legal actions in Tunisia and for general working capital
purposes.
Other Activities:
Celamin's Board continued to review new project opportunities,
including new projects in Tunisia, and potential transactions with
a view to identifying projects and/or transactions that have the
ability to add shareholder value. This review is ongoing. Celamin
has also made applications for base metal exploration permits
within Tunisia.
The full details of the announcement can be found at
http://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
Allenby Capital Limited (Nominated
adviser & joint broker)
- John Depasquale +44 (0)20 3328 5657
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 multi-sector investment company
focused on investing in undervalued companies and projects with
strong fundamentals and attractive growth prospects. For complete
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
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