3rd Oct 2014 08:27
LONDON (Alliance News) - Renaissance Capital and African Minerals Ltd have both filed appeals regarding the UK High Court ruling in favour of Renaissance announced in March, African Minerals said Friday.
The case concerns Renaissance filing a claim against African Minerals for the payment of financial adviser's fees amounting to approximately USD133 million, plus interest and costs in relation to fundraisings and transactions in prior years.
The case was heard in March by the Commercial Division of the High Court, which issued a judgement in June in favour of Renaissance.
By July 31, African Minerals had paid USD41.6 million of the liability to the Renaissance following the judgement issued by the High Court.
Renaissance's appeal seeks to increase African Minerals's payment by another USD63 million, plus interest and costs.
African Minerals has filed two of its own appeals to reduce the amount awarded, and these are expecting to be heard by the Court of Appeal in the first-half of 2015, it said.
"The company remains confident that it has good prospects of successfully defending Renaissance Capital's appeal, and reasonable prospects of success on its own appeal," African Minerals said in a statement.
African Mineral shares were down 4.6% to 15.74 pence per share Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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