ZCCM Invs.Hldgs PLC Market Update- ZCCM-IH Versus KCM (5344U)
January 18 2017 - 10:48AM
UK Regulatory
TIDMZCC
RNS Number : 5344U
ZCCM Invs.Hldgs PLC
18 January 2017
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
MARKET UPDATE
ZCCM Investments Holdings PLC ("ZCCM-IH") enters into an
Agreement with Konkola Copper Mines PLC ("KCM")
Following the Market Update issued on 20 December 2016
confirming that ZCCM-IH was successful in its application for
default judgment against KCM, ZCCM-IH wishes to provide further
details on the matter.
Pursuant to the judgment of the English Court, KCM was ordered
to pay ZCCM-IH, by 13 January 2017:
a) the sum of approximately US$103 million in respect of
outstanding sums owed to ZCCM-IH under a Settlement Agreement (the
"Judgment Sum"); and
b) the sum of GBP 180,000 in respect of the costs incurred by
ZCCM-IH in pursuing its application before the English court.
Further, ZCCM-IH hereby advises that:
a) KCM paid the sum of GBP 180,000 on 13 January 2017 in
accordance with the Court's Judgment; and
b) ZCCM-IH and KCM have agreed to amend the dates by which KCM
will make payments in respect of the Judgment Sum (which sum
remains outstanding as ordered by the English Court).
The agreement to amend the dates by which KCM will make payments
in respect of the outstanding sums owed to ZCCM-IH will be recorded
in a Consent Order of the English Court.
Pursuant to the terms of the Consent Order, KCM will pay
ZCCM-IH:
a) US$ 20 million on 31 January 2017;
b) US$ 22 million on 28 February 2017; and
c) US$ 2,550,000 at the end of every month (commencing on 31
March 2017) until such time as the Judgment Sum has been paid in
full.
The English court's further directions to determine whether KCM
made payments to Vedanta Group Companies in breach of the
prohibition on doing so under the Settlement Agreement remain
unchanged. If and to the extent it is determined that such payments
were made, ZCCM-IH will be entitled to recover additional sums from
KCM. A further announcement will be made at that time.
By Order of the Board
Chabby Chabala Company Secretary
Issued In Lusaka, Zambia on 17 January 2017
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
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January 18, 2017 10:48 ET (15:48 GMT)
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