Pathfinder Minerals Plc Enforcement of English costs orders (8801B)
June 22 2016 - 2:00AM
UK Regulatory
TIDMPFP
RNS Number : 8801B
Pathfinder Minerals Plc
22 June 2016
Embargoed: 0700hrs 22 June 2016
Pathfinder Minerals Plc
("Pathfinder" or the "Company")
Enforcement of English costs orders
Pathfinder announces that on 21 June 2016 the English High Court
made final charging orders against the aggregate 19,824,000 shares
held by JV Consultores Internacionais Limitada ("JVC") and Diogo
Cavaco in the Company (the "Charging Orders").
By way of background, and as previously announced, Pathfinder
and its wholly owned subsidiary, IM Minerals Limited ("IMM" and,
together, the "Claimants"), brought substantive legal proceedings
in England (the "English Proceedings") against General Jacinto
Soares Veloso, JVC (General Veloso's company) and Mr Cavaco
(together the "Defendants"). The Claimants obtained judgment to the
effect that, amongst other things, IMM validly acquired 99.99% of
the issued shares of Companhia Mineira de Naburi S.A.R.L. ("CMDN").
The English Court ordered the Defendants to pay the Claimants'
costs of the English Proceedings and made a number of orders for
payment of, and on account of, those costs, aggregating
GBP1,106,000 (the "Costs Orders"). The Defendants have not complied
with any of the Costs Orders.
JVC and Mr Cavaco acquired their shares in the Company pursuant
to a share exchange agreement entered into in 2010, one of the
agreements by which IMM acquired its shareholding in CMDN. The
effect of the Charging Orders is to charge JVC's and Mr Cavaco's
shares in the Company with payment of the amount of the Costs
Orders plus interest, currently totalling in excess of
GBP1,400,000. Obtaining the Charging Orders over the Defendants'
shares in Pathfinder is an important step in the enforcement in
England of the Costs Orders.
Enquiries:
Pathfinder Minerals Plc
Nick Trew, Chief Executive
Tel. +44 (0)20 3440 7775
WH Ireland Limited (Nomad and Broker)
Paul Shackleton or Mark Leonard
Tel. +44 (0)20 7220 1666
Vigo Communications
Ben Simons or Ali Roper
Tel. +44 (0)20 7830 9704
Email. pathfinderminerals@vigocomms.com
Notes to Editors:
Pathfinder Minerals Plc is incorporated in England 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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