Business
Notice of Mozambique Court Order
Notice of Mozambique Court Order.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1262R Pathfinder Minerals Plc 22 October 2013 \n\nFor immediate release: 22 October 2013\n \nPathfinder Minerals Plc(\"Pathfinder\" or the \"Company\")\nNotice of Mozambique Court Order\nAs previously reported to shareholders, in April 2012 General Veloso, his company JV Consultores Internacionais, Limitada and Diogo Cavaco (the \"Defendants\") obtained an interdict (the \"Interdict\") against the Company's wholly owned subsidiary, IM Minerals Limited (\"IMM\"), with the aim of prohibiting IMM from taking action in the English courts to enforce the agreements by which IMM validly acquired its Mozambican subsidiary, Companhia Mineira de Naburi S.A.R.L. (which action has since been upheld by the English High Court).\nThe Company announces that on Friday 18 October 2013 it received notification of an order of the First Commercial Section of the Judicial Court of the City of Maputo (the \"Order\") declaring that the Interdict is void, on the grounds that the Defendants failed to file the main action on which the Interdict is dependant within the prescribed time period. Although that main action has since been filed (as announced by the Company on 21 December 2012), the Interdict itself has therefore expired. \nShareholders will recall that additionally, in November 2012, the Company obtained a judgment from the Maputo Court (the \"Maputo Judgment\") revoking the Interdict; and that in March 2013 the Defendants appealed against that judgment. Judgment in this appeal is still awaited.\nIMM maintains that the Interdict did not apply to the pre-existing English proceedings in any event. This was endorsed by the judge at a hearing on 3 May 2012 in Maputo and confirmed in the Maputo Judgment itself. This is the case irrespective of the Order. Moreover, as pointed out in previous announcements, the Interdict does not apply to Pathfinder itself, since it is not a party to the Interdict proceedings. \nNick Trew, Chief Executive Officer, said: \"The Board welcomes this further positive judgment from the Maputo Courts and will continue to take all appropriate legal steps to enforce the Company's rights and recover its assets.\" \n \nThe Company will provide further updates in due course.\n \nEnquiries:\n \nPathfinder Minerals Plc\nNick Trew, Chief Executive\nT...