Pivotal RNS out - onwards and upwards

fantastic day :-D
gla

By Harriet Mann | Mon, 15th December 2014 - 11:50

Why Pathfinder Minerals is up 354%

AIM-listed Pathfinder Minerals (PFP) has had a fantastic start to the week after the validity of its majority stake in Companhia Mineira de Naburi was upheld by a Mozambique court. Its share price rallied by as much as 354% on Monday morning, although this might not be the end of the story.

Four years ago, Pathfinder's subsidiary IM Minerals bought 99.99% of CMDN's share capital. But, at an extraordinary general meeting held a year later without Pathfinder's knowledge, resolutions were apparently passed that dismissed Pathfinder chief Nicholas Trew and founding shareholder Gordon Dickie as directors of CMDN. It also cancelled the shares in CMDN previously held by IMM and reissued them to General Jacinto Veloso, ex-minister of state security in Mozambique, and Diogo Cavaco.

But after a long wait that saw its share price plummet from nearly 7p to just 0.16p, the Maputo Court in Mozambique has ruled in Pathfinder's favour, recognising IM's stake in CMDN. The ruling stated that the shares can be held in either registered or bearer form and as the company was not informed of the December 2011 EGM, all the resolutions passed have been voided. It also annulled the 2013 court judgement that did not recognise IM as a CMDN shareholder as the company was not a party to the proceedings.

onwards and upwards

expect gap up tomorrow am - the train will leave the station early

Also expecting gap up, but talk of 2.5p is not really credible.

News on Moneyweek

BIGGER MOVERS

Pathfinder Minerals (PFP) soared 672.97% to 1.43p after subsidiary IMM was confirmed by the Maputo Court as a shareholder in CMDN, which holds the licences for a mineral sands project in Mozambique. It fought a more than two-year legal battle over ownership of the asset.

on the move again - at least 540M assets - supreme court ruling that according to reports cant be over turned - can chase other party for damages et cetera
looks good for more imo