TIDMPOL

RNS Number : 1049Y

Polo Resources Limited

01 December 2017

01 December 2017

Polo Resources Limited

("Polo" or the "Company")

CELAMIN HOLDINGS NL - INVESTMENT UPDATE

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 investee company, Celamin Holdings NL (ASX: CNL), has announced that it has received a favourable decision in the arbitration of its dispute with its joint venture partner Tunisian Mining Services (TMS) in relation to the fraudulent transfer to TMS of Celamin's 51% shareholding in Chaketma Phosphates SA (CPSA).

The Arbitrator appointed by the International Court of Arbitration of the International Chamber of Commerce has found in favour of Celamin ordering TMS to return Celamin's 51% shareholding in CPSA (Chaketma Phosphate Project in Tunisia) and to pay damages and costs in excess of US$4 million.

Celamin will provide a more detailed update in due course following review of the complete Final Award.

For further information, please contact:

 
 Polo Resources Limited 
  - Kudzayi Denenga, Investor 
  Relations                           +27 (0) 787 312 919 
 
 Allenby Capital Limited (Nominated 
  adviser & joint broker) 
  - John Depasquale                   +44 (0)20 3328 5657 
 Liberum Capital (Broker) 
  - Henry Freeman                     +44 (0) 20 3100 2000 
 Blytheweigh (Public relations) 
  - Tim Blythe, Nick Elwes, 
  Camilla Horsfall                    +44 (0) 207 138 3204

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCFMMGZNMDGNZG

(END) Dow Jones Newswires

December 01, 2017 02:37 ET (07:37 GMT)

Polo Resources (LSE:POL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Polo Resources Charts.
Polo Resources (LSE:POL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Polo Resources Charts.