Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (7319V)
10 Abril 2019 - 1:35AM
UK Regulatory
TIDMPOL
RNS Number : 7319V
Polo Resources Limited
10 April 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.
10 April 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 18.40% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL) has advised the
total amount owing by former Tunisian partner as the company begins
the process of recovering its interests and the costs and damages
awarded.
Celamin received an award from the sole arbitrator of the
International Court of Arbitration of the International Chamber of
Commerce ("ICC") on 29 November 2017 ordering the:
-- Return of Celamin's 51% interest in the Chaketma Phosphate Project; and
-- Payment of damages and costs by Celamin's former Tunisian
partner, Tunisian Mining Services ("TMS").
The Court of Appeal of Tunis issued orders enforcing the award
on 4 April 2019(1) .
As previously announced, the various damages and costs awarded
totalled approximately US$4m. TMS had 30 days from 29 November 2017
to pay this amount failing which a 5.5% penalty interest rate would
be added daily until payment. For clarity, the interest is simple
interest not compounding.
Celamin is yet to receive any payment of the damages and costs
awarded and it is not clear when payment will be made. While TMS
continues to be in breach of the award issued on 29 November 2017,
as enforced by the Court of Appeal of Tunis(1) , Celamin provides
the below outline to enable shareholders to understand the amount
TMS currently owes Celamin.
Background
On 29 November 2017 the sole arbitrator of the ICC awarded
Celamin the following damages and costs:
Currency Damages Exchange Rate(2) US$
US Dollars 2,358,000 1.00 2,358,000
---------- ----------------- ----------
Euro 1,252,936 1.12 1,406,252
---------- ----------------- ----------
Australian Dollars 260,597 0.71 185,585
---------- ----------------- ----------
Swiss Francs 42,238 1.00 42,217
---------- ----------------- ----------
Total 3,992,054
---------- ----------------- ----------
1. ASX announcement 5 April 2019.
2. Exchange rates as at 5 April 2019.
Exchange rates have obviously changed since late 2017 and will
continue to impact the quantum of damages:
Damages (excluding penalty December 2017 April 2019
interest)
Euro/US$ Exchange Rate 1.18 1.12
-------------- -----------
A$/US$ Exchange Rate 0.76 0.71
-------------- -----------
Swiss Franc/US$ Exchange
Rate 1.02 1.00
-------------- -----------
A$m Equivalent of US$ amount A$5.4m A$5.6m
-------------- -----------
The penalty interest amount increases by US$602 per day and as
at 5 April 2019 the penalty interest amount totals US$296,000
(A$416,000) meaning the total amount currently payable by TMS to
Celamin is US$4.3m (A$6.05m).
Celamin intends to declare the total amount owing by TMS on a
regular basis.
In addition, TMS owes Celamin A$160,000 for a 2014 debt which
increases the total amount claimed to US$4.4m (A$6.2m). The
A$160,000 debt remains subject to the outcome of an ongoing legal
case.
Celamin is also pursuing civil and criminal claims in Tunisia
against individuals and organisations in relation to the fraudulent
transfer of Celamin's 51% interest in the Chaketma Phosphate
Project in February 2015.
The full details of theses 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, 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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