Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (3699M)
07 Enero 2019 - 4:19AM
UK Regulatory
TIDMPOL
RNS Number : 3699M
Polo Resources Limited
07 January 2019
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.
07 January 2019
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS LTD - 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 20.53% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL), has announced
announce further appointments to its Board of Directors and an
update on legal proceedings in relation to its dispute with
Tunisian Mining Services ("TMS").
Board changes
Following the announcement on 11 December 2018, Celamin has
sought to further increase the strength and diversity of the Board
in anticipation of continued success in Tunisia as it progresses
the recovery of the Chaketma Phosphate Project and increases work
on its new zinc exploration permits.
To this end, Celamin has appointed Mr Robin Widdup as Chairman,
Mr Tarecq (Taz) Aldaoud as a Non-executive Director of the company
and accepted the resignation of Mr Tim Markwell a Non-executive
Director of the company. In addition, Mr Robin Widdup has appointed
Mr Tim Markwell as an Alternate Director effective 03 January
2019.
As noted in the announcement of 11 December 2018, Robin has over
40 years' experience in the mining and resources sector with a
significant focus on financing substantial mining projects. Taz
brings renewed enthusiasm and oversight as an accomplished
entrepreneur, and, as an existing shareholder, a strong desire to
see Chaketma advance following the conclusion of the legal dispute
with TMS.
Commenting on the board changes, Simon Eley, CEO and Executive
Director, said "The appointment of Robin as Chair and Taz as a
Director of the Company further strengthens the Board as it
prepares for the next phase of recovering its interest in Chaketma.
I am also very grateful to have Tim continue in the capacity of an
Alternate Director to provide not only strong technical support but
also considerable corporate history. The Board is very thankful for
the patience and guidance Tim has provided over the last 4 years as
both a Director and CEO."
Legal Update
On 6 April 2017 Celamin announced it had obtained a conservatory
seizure order from the President of the Tribunal of First Instance
of Tunisia against all shares that TMS owns in the capital of
Chaketma Phosphate SARL (CPSA, the project company holding the
Chaketma Phosphate asset) to prevent TMS dealing the shares in CPSA
during the dispute. TMS had applied to have the seizure order
lifted. Celamin has been informed that TMS' application to have the
seizure order on CPSA shares lifted was rejected by the Tunisian
courts. Celamin is very pleased with this outcome and looks forward
to continuing with the enforcement of the arbitration decision
awarded on 30 November 2017.
The full details of this announcement can be found at
http://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, Jane Lenton, Fergus
Cowan +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 news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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January 07, 2019 05:19 ET (10:19 GMT)
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