RNS - 4TH JULY 202327 Jun 2024 12:02
4 Jul 2023 15:00
Company Update
Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining
4 July 2023
Vast Resources plc(‘Vast’ or the ‘Company’)
Company Update
Vast Resources plc, the AIM-listed mining company, wishes to announce a further update in relation to the announcement made on 3 July 2023 regarding the further extension in view of the anticipated settlement of the Company’s historic claims.
The Company is pleased to outline the process to date and continues to progress to achieve a lawful handover of the historic parcel.
In light of the need to conclude the handover process expeditiously, the Company made the decision to instruct the Deputy Sheriff to uplift the parcel from the Reserve Bank of Zimbabwe (‘RBZ’) under a writ of execution issued out of the High Court of Zimbabwe on 14th. June 2023.
The RBZ required clarity from the Deputy Sheriff regarding the status of the original Supreme Court interlocutory Order placing the parcel in its custody pending disposal of the appeals pending before it.
The Company’s lawyers provided this clarity to the RBZ, stating in effect that the interlocutory Order was no longer in extant as the appeal to which it was subject to was no longer lawfully before the Supreme Court, having been long abandoned by the then appellants to the original dispute.
Consequent to this, the Deputy Sheriff was again instructed to uplift the parcel on 29th June 2023. Also in attendance were the Company’s lawyers.
Upon attendance at the RBZ, and in consultation with the bank’s internal legal counsel, the Deputy Sheriff agreed that the RBZ would confirm, in writing, the process that would define the procedure for the orderly and secure hand over the parcel to the Company, which includes the procedure for valuation for royalty purposes, export permits and Kimberly Process Certification.
Thereafter, the Company and RBZ will put in place logistics for the removal of the parcel attached by the Deputy Sheriff under the writ of execution.
The Company notes that until the process has been finalised and implemented there is no certainty as to the precise timing for the recovery of the parcel and will update the market as soon as there is a material development in this respect.
SO THIS WAS NEARLY A YEAR AGO - WHY CAN WE NOT BE GIVEN AN UPDATE ON THIS ??????