Polo Resources Limited Celamin Holdings - Investment Update (5156C)
October 01 2018 - 5:36AM
UK Regulatory
TIDMPOL
RNS Number : 5156C
Polo Resources Limited
01 October 2018
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.
01 October 2018
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS - INVESTMENT UPDATE
Swiss Supreme Court declares in favour of Celamin
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 25.03% investee company
Celamin Holdings Limited (ASX:CNL) ("Celamin") 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 has advised that the company has received confirmation
from the Swiss Supreme Court that they have decided to declare
inadmissible Tunisian Mining Services' ("TMS") annulment
application to set aside the Final Arbitration Award delivered by
the arbitrator in the ICC arbitration of its dispute with its joint
venture partner TMS in relation to the fraudulent transfer to TMS
of Celamin's 51% shareholding in Chaketma Phosphates SA ("CPSA"),
the operating company which holds the Chaketma Phosphate Permit.
The Final Award 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.
The Swiss Supreme Court has further ordered TMS to pay the
Court's cost of approximately A$21,500, plus an additional
indemnity to Celamin for its legal costs in the amount of
approximately A$24,000.
Celamin will provide a more detailed update in due course
following review of the complete decision.
The full details of the announcement and the background of the
dispute can be found at www.celaminnl.com.au.
For further information, please contact:
Polo Resources Limited
- Kudzayi Denenga, Investor Relations +27 (0) 787 312 919
Allenby Capital Limited (Nominated
adviser & broker)
- John Depasquale +44 (0)20 3328 5657
Blytheweigh (Public relations)
- Julia Tilley, Simon Woods +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.
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END
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