Business
Update Re. Mozambique Interdict
Update Re. Mozambique Interdict.
About this update from Rome Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0118T Pathfinder Minerals Plc 14 November 2013 \n\nFor immediate release: 14 November 2013\n \nPathfinder Minerals Plc\n(\"Pathfinder\" or the \"Company\")\nUpdate Re. Mozambique Interdict\n \nOn 22 October 2013 Pathfinder announced the receipt of an order (the \"Order\") from the First Commercial Section of the Judicial Court of the City of Maputo declaring that the interdict obtained by General Veloso and Diogo Cavaco (the \"Interdict\") (by which they sought to prevent the Company's wholly owned subsidiary IM Minerals Limited from taking action in the English courts in respect of the agreements by which it acquired its 99.99% shareholding in CMDN) was void on the basis that they had failed to file the main claim on which the Interdict was dependent within the prescribed time period.\n \nPathfinder has been informed through its legal advisers in Mozambique that General Veloso and Mr Cavaco have appealed against the Order. Pursuant to the applicable Mozambique civil procedure rules, the effect of the appeal is to suspend the effect of the Order being appealed. \n \nPathfinder is advised that the appeal against the Order will be considered as part of General Veloso and Mr Cavaco's appeal (already pending before the Mozambique Appeal Court) against the judgment (notified to the Company in November 2012) which revoked the Interdict itself and which confirmed that it did not apply to the English proceedings. In any event, as pointed out in previous announcements, the Interdict does not apply to Pathfinder itself, since it is not a party to the Interdict proceedings. Judgment in this appeal is still awaited.\n \nNick Trew, Chief Executive Officer, said: \"I have been informed that General Veloso and Mr Cavaco have been grossly overstating the outcome of their actions in Mozambique: all they have in fact done is to appeal against the Order - the standard effect of which is to suspend the effect of the Order being appealed. Pathfinder continues to take all appropriate legal steps to enforce the Company's rights and recover its assets.\"\n \nEnquiries:\n \nPathfinder Minerals Plc\nNick Trew, Chief Executive\nTel. +44 (0)20 7464 8413\n \nDaniel Stewart & Company Plc\nDavid Hart or James Thomas\nTel: +44 (0)20 7776 6550\n \nVigo Communications\nBen Simons or Peter R...