Business
Notification of Maputo Judgment
Notification of Maputo Judgment.
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[{"type":"text","content":"\n \nRNS Number : 3935S Pathfinder Minerals Plc 06 November 2013 \n \n\nFor immediate release: 6 November 2013\n \nPathfinder Minerals Plc(\"Pathfinder\" or the \"Company\")\nNotification of Maputo Judgment\n \nThe Board of Pathfinder announces that it has today been notified of a judgment (the \"Judgment\") of the First Commercial Section of the Judicial Court of the City of Maputo (the \"Maputo Court\") made on 21 October 2013 in respect of a claim brought by General Jacinto Veloso, Diogo Cavaco and others (together, the \"Claimants\") against Companhia Mineira de Naburi SARL (\"CMDN\"). \nAs previously announced, on 17 January 2012 the Company's subsidiary, IM Minerals Limited (\"IMM\"), in its capacity as 99.99% shareholder of CMDN, convened a general meeting of CMDN for the purpose, amongst other things, of removing General Veloso, his daughter and Diogo Cavaco from the board of CMDN. The Claimants then brought an application to annul the resolutions which were passed at that general meeting (the \"January Resolutions\"). The Claimants also appear to have sought a declaration that the nominative share certificate issued by CMDN to IMM evidencing IMM's ownership of 399,998 shares in CMDN (which was signed by General Veloso and Diogo Cavcao) is invalid.\nIMM was not a party to the proceedings which have resulted in the Judgment and therefore was not heard by the Maputo Court. Moreover, as the Judgment expressly records, CMDN did not provide any opposition to the submissions made by the Claimants and, since there was no opposition from CMDN, the facts presented by the Claimants were simply accepted by the Court. In the absence of any opposition, and without hearing from IMM, the Maputo Court has declared that the January Resolutions are void. \nThe Judgment also includes a declaration that IMM's nominative share certificate evidencing its shareholding in CMDN is void, on the basis that the share capital of CMDN is represented by bearer shares. IMM is advised that that declaration is not legally effective against IMM since IMM was not a party to the proceedings. Pathfinder also notes that this declaration is contrary to the provisional finding of the Maputo Court in a judgment notified on 25 October 2012 that the nominative share certificate evidencing IMM's ownership of...