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LONDON (Alliance News) - Pathfinder Minerals PLC shares soared on Thursday after UK tax authority HRMC waived a GBP1.1 million VAT bill that was owed by the company.
Pathfinder shares were trading up over 31% at 1.15 pence per share on Thursday morning.
Pathfinder said HRMC has decided against chasing the company for GBP1.1 million in refunded VAT and the associated interest, and will also refund the company's VAT repayment claims that it was suspended from doing since December 2014, but did not provide any further details on how much that would amount to.
"The board of Pathfinder is pleased that its continuing efforts to recover its expropriated mining licences will no longer be overshadowed by a contingent liability of such magnitude," said Pathfinder.
Pathfinder said although it did not make a provision for the VAT repayment in its financial statements, it did have it listed as a contingent liability in its 2014 full year accounts and in its interim results for 2015.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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