ZCCM Invs.Hldgs PLC ZCCM-IH commences legal proceedings against KCM (9172A)
June 10 2016 - 11:33AM
UK Regulatory
TIDMZCC
RNS Number : 9172A
ZCCM Invs.Hldgs PLC
10 June 2016
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
MARKET UPDATE
ZCCM Investments Holdings PLC ("ZCCM-IH") commences legal
proceedings against Konkola Copper Mines PLC ("KCM")
We refer to the ZCCM-IH and Konkola Copper Mines Plc ("KCM")
joint announcement dated 8(th) April 2013, regarding the signing of
an agreement ("Settlement Agreement") relating to KCM's settlement
of outstanding payments and contingent amounts payable under the
Price Participation Agreements that existed prior to April
2013.
Further to the Joint Announcement, and in compliance with the
requirements of the Securities Act, Cap 354 of the Laws of Zambia
and the General Obligations of Disclosure under the Continuing
Obligations of the Listings Rules of the Lusaka Stock Exchange, we
wish to advise that on 6(th) June 2016, ZCCM-IH filed a Claim Form
with the English High Court to recover outstanding sums in excess
of US$100 million due to it from KCM, pursuant to the terms of the
Settlement Agreement entered into in 2013.
ZCCM-IH anticipates a judgment from the English High Court in
either Quarter 4 of 2016 or early Quarter 1 of 2017.
By Order of the Board
Chabby Chabala
Company Secretary
Lusaka Securities Exchange Sponsoring Broker
===============================================
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ)
is a founder member of the Lusaka
Securities Exchange and is regulated
by the Securities and Exchange Commission
of Zambia
=============================================
First Issued on 10 June, 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 10, 2016 11:33 ET (15:33 GMT)
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