Market Update-ZCCM-IH claim againstKCM Plc

RNS Number : 6897A

ZCCM Invs.Hldgs PLC

02 January 2018

 

SENS ANNOUNCEMENT

(the "Notice" or "Announcement")

ISSUER

ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")

[Incorporated in the Republic of Zambia]

Company registration number:        771

Share Code:                                           ZCCM-IH

ISIN:                                                       ZM0000000037

Authorised by:                                     Chabby Chabala - Company Secretary

SPONSOR

Stockbrokers Zambia Limited

[Founder Member of the Lusaka Securities Exchange]

[Regulated and licensed by the Securities and Exchange Commission of Zambia]

Contact Number:                 [phone]

Website:                                                www.sbz.com.zm

APPROVAL

The captioned Notice or Announcement has been approved by:

i.      the Lusaka Securities Exchange ("LuSE")

ii.    the Securities and Exchange Commission ("SEC")

iii.   Stockbrokers Zambia Limited ("SBZ")

RISK WARNING

The Notice or Announcement contained herein contains information that may be of a price sensitive nature.

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

ISSUED: 29 December 2017

ZCCM INVESTMENTS HOLDINGS PLC

 [Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or "the Company"]

MARKET UPDATE

We refer to the Market Announcement (Announcement) provided in December 2016, in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a Settlement Agreement entered by the parties in 2013, for a sum in excess of US$100 million.

In the same Announcement, the market was further informed that the Court had given directions for an inquiry to determine whether KCM had breached the Settlement Agreement by making payments to Vedanta Group Com‎panies whilst sums remained due and owing to ZCCM-IH, and whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.

We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums.  Granting the claim in full, the Court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million.  ZCCM-IH was also awarded its costs of bringing these proceedings.

The parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent.  The final payment is expected on 31 August 2019.

By Order of the Board

C Chabala

Company Secretary

Issued in Lusaka, Zambia on 29 December 2017

	T     |    [phone] E     HTMLPIPESYMBOL    [e-mail] W   160; www.sbz.com.zm Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 10 June 2016

 

END

 

 

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