Polo Resources Limited CELAMIN HOLDINGS LTD - INVESTMENT UPDATE (2502N)
23 Septiembre 2019 - 2:15AM
UK Regulatory
TIDMPOL
RNS Number : 2502N
Polo Resources Limited
23 September 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.
23 September 2019
Polo Resources Limited
("Polo" or the "Company")
CELAMIN HOLDINGS LTD - INVESTMENT UPDATE
CELAMIN WINS FINAL APPEAL
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 18.97% investee company
Celamin Holdings Limited ("Celamin") (ASX: CNL) has issued an
update regarding the progress of the legal proceedings between its
wholly owned subsidiary Celamin Limited and its joint venture
partner Tunisian Mining Services ("TMS") to recover its 51 per cent
shareholding in Chaketma Phosphates SA ("CPSA") that was
fraudulently transferred to TMS.
Celamin has advised that the company has received confirmation
that the Court of Cassation in Tunis has rejected the TMS appeal
challenging the orders issued by the Court of Appeal of Tunis on 2
April 2019(1) .
The decision of the Court of Cassation is the final stage of the
legal actions taken to recover Celamin's interest in the Chaketma
Phosphate Project ("Chaketma") following the illegal transfer by
TMS. There are no other possible legal challenges open to TMS.
As at 23 September 2019, TMS owes Celamin approximately US$4.4m
(A$6.5m) in accrued damages in addition to the return of its
interest in Chaketma.
Celamin will pursue all measures to ensure compliance by TMS
with the orders to return its interest in Chaketma and secure
payment of damages. The company has already commenced several
initiatives in this regard.
Commenting on this matter, the managing director of Celamin, Mr
Simon Eley stated, "This latest decision further vindicates our
confidence and belief in Tunisia as a solid destination for
investment by foreign companies. We look forward to getting back on
the ground."
Celamin's most recent quarterly report can be found at
https://celaminholdingsltd.com/
1 - See Celamin's announcement dated 5 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.
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END
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