2nd Nov 2015 09:31
LONDON (Alliance News) - Atalaya Mining PLC on Monday said it has received a formal claim made in the High Court of Justice in London against the company by Astor Management AG over the deferred consideration due on the acquisition of EMED Tartessus.
Astor has claimed the deferred consideration agreed when Atalaya, then known as EMED Mining, took full ownership of EMED Tartessus in September 2008 is now due, as all the conditions required have been satisfied.
Atalaya said the payment of the first part of the deferred consideration was contingent on it securing a senior debt facility to back the restart of operations at the Rio Tinto copper project in Spain, but it has not entered into any arrangements.
Astor claims the requirements for the first part of the consideration have, however, been satisfied and has lodged a claim in London to that effect. Atalaya "is disputing this and intends to vigorously defend the proceedings," it said.
Shares in Atalaya were down 12% to 86.50 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
EMED.L