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LONDON (Alliance News) - Pathfinder Minerals PLC Friday said that it could take anywhere from a months to one or two years for the Mozambique Supreme Court to deliver a judgement on whether it will recognise and enforce a ruling in England that it validly acquired its Mozambique licence-holding subsidiary.
The English ruling that subsidiary IM Minerals Ltd validly acquired its 99.99% stake in Companhia Mineira de Naburi SARL provides the basis for Pathfinder's application to have the English judgments recognised in, and enforced by, the Mozambique Supreme Court and/or to seek compensation for the loss of value.
"I am afraid to say that there is every likelihood of continued extended hiatuses between reportable developments in the Mozambique proceedings," Chairman Henry Bellingham, who joined the company in February, said in a statement.
Bellingham said that the company cannot let the pursuit of legal proceedings in Mozambique prevent it from considering other ways of building value in the company.
"The board is also determined to continue to explore every avenue to bringing about an earlier resolution, if indeed one can be achieved, to restore value to the company more quickly than may be achieved by waiting for the courts in Mozambique to reach a verdict," Bellingham said in a statement.
Pathfinder, which doesn't currently have any operations, gave the update on its legal issues in Mozambique alongside results showing that its pretax loss narrowed to GBP1.5 million in 2013, from GBP4.3 million in 2012, due to a significant drop in administrative expenses in the wake of the conclusion of the legal action in England. Bellingham said that the company believes it has enough cash to see through its strategy of recovering its assets.
Pathfinder shares were Friday quoted at 0.344 pence, down 28%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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