Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (5211X)
19 Diciembre 2019 - 6:35AM
UK Regulatory
TIDMPOL
RNS Number : 5211X
Polo Resources Limited
19 December 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.
19 December 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 18.55% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL) has provided an
update on enforcement of the arbitration decision(1) following the
Court of Cassation in Tunis rejecting the appeal by Tunisian Mining
Services ("TMS")(2) challenging the court orders issued on 2 April
2019(3) .
TMS is yet to comply with the orders issued by the Court of
Cassation in September 2019 despite having no further legal
challenges available to dispute the award issued by the arbitrator
in 2017 to return Celamin's interest in the Chaketma Phosphate
Project ("Chaketma") and damages and costs in excess of US$4m (plus
interest).
As indicated following receipt of the decision from the Court of
Cassation in September this year, Celamin has commenced a variety
of actions to compel TMS to comply with the enforcement orders.
Celamin has already seized vehicles and foreclosed on property held
by TMS. Celamin will receive the proceeds from the sale of these
assets.
The company has also applied to seize other assets of TMS,
including the shares held by TMS in Chaketma Phosphates SARL (the
operating company holding Chaketma) as well as shares in other
companies controlled by TMS and is considering further actions
intended to compel TMS to honour the orders enforcing the
arbitrator's decision made in November 2017.
As at 16 December 2019, TMS owes Celamin approximately US$4.4m
(A$6.4m) in damages and costs with interest accruing daily, as well
as the return of Celamin's interest in Chaketma.
Despite the failure of TMS to comply with the orders made by the
Court of Cassation, Celamin is maintaining an open dialogue with
the mining administration in Tunisia and is confident it will be
allowed sufficient time to assess the status of Chaketma either
upon TMS honouring its legal obligations or the resolution of the
dispute.
Celamin remains open to exploring alternative methods of
resolving the dispute in the interests of all parties.
The company will update the market as it progresses towards the
conclusion of the dispute with TMS.
The full details of the announcement can be found at
http://www.celaminnl.com.au/.
____________________
(1) See announcement dated 1 December 2017 "Arbitration Success
for Celamin"
(2) See announcement dated 23 September 2019 "Celamin Wins Final
Appeal".
(3) See announcement dated 3 April 2019 "Tunisian Court orders
return of Chaketma Project to Celamin".
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
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
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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December 19, 2019 07:35 ET (12:35 GMT)
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