Celamin Holdings NL - Legal Dispute and Funding Update

ASX Announcement
09 June 2015
Celamin Holdings NL Legal Dispute and Funding Update
ACN 139 255 771
ABN 82 139 255 771
Level 4, 100 Albert Road
South Melbourne VIC 3205
Phone: +61 (0)3 9692 7222
Fax: +61 (0)3 9077 9233
[email protected]
Celamin Holdings NL (ASX: CNL) (Celamin, the Company) provides the
following update to the market on the dispute between its wholly
owned subsidiary Celamin Limited and the joint venture partner
Tunisian Mining Services (“TMS”). The dispute is in relation to the
ownership and control of the joint venture company Chaketma
Phosphates SA (“CPSA”). Celamin Limited is taking legal action in
Tunisia to resolve the situation.
Update on Legal Actions
Investor Relations:
Current ongoing legal actions initiated by Celamin include:
Stephen Nossal
An application for the reversal of the transfer of Celamin Limited
shares in CPSA to TMS. This action is directed against the Director
General of CPSA, TMS and Kais Mansouri of TMS;
An application for the return of A$160,000 owed by TMS to
Celamin Limited, which is unrelated to the other actions;
A criminal complaint against the Director General of CPSA, TMS,
and the broker involved in the share transfer has been submitted
to the Tunisian prosecutor’s office. Following review, the matter
has been referred to a specialist branch of the Tunisian police for
further investigation;
An application is in process for the freezing of the remaining
Celamin Limited loan funds in CPSA. As at 31 January 2015, CPSA
held US$1.4m of Celamin Limited loan funds in its bank accounts
from a total of US$1.7m in Celamin Limited loan accounts in CPSA;
Board of Directors:
Martin Broome, Chairman
Nic Clift, Managing Director
Russell Luxford, Non-Exec Director
Sue-Ann Higgins, Alternate Director
Tim Markwell, Non-Exec Director
Company Secretary:
Melanie Leydin
Securities on Issue:
CNL: 993,171,986 ordinary shares
CNLCA: 14,887,796 partly paid shares
Each of these actions is currently ongoing and Celamin will continue to
update the market as developments occur.
Short Term Funding Facilities
As announced on 28 April 2015, Celamin noted the return of the
US$2m that it had deposited into the Tunisian bank account of CPSA
on 13 January 2015 for the purposes of satisfying a cash call. Celamin
has been holding the returned $US2m in a US dollar bank account
pending receipt of legal advice on its use.
Legal advice has now been received confirming that the use of these
funds will not prejudice the legal actions underway and planned. As a
result, Celamin has repaid the short-term funding facilities secured
from its two major shareholders, African Lion 3 Ltd (“African Lion”) and
Polo Resources Limited (“Polo Resources”), which were announced on
24 April 2015. The repayment of these facilities in advance of their
maturity date is at the discretion of the Celamin board.
Celamin Holdings NL
Celamin is pleased to note that both African Lion and Polo Resources remain fully committed to the
Company and the Chaketma Project and the legal actions required for Celamin to recover control of CPSA.
For further information or enquiries, please contact:
Nic Clift
Managing Director
Celamin Holdings NL.
T: +61 (0)3 9692 7222
E: [email protected]
Stephen Nossal
Corporate Relations
Celamin Holdings NL
T: +61 (0)3 9692 7222
E: [email protected]