DTM Early Birds - Re: DTM Early Birds Stream Log - Why Pathfinder Minerals is up...

Why Pathfinder Minerals is up 354% By Harriet Mann | Mon, 15th December 2014 - 11:50 [link] 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. Pathfinder's chief executive Nick Trew said: "Once again the Maputo Courts have confirmed IMM's status as shareholder in CMDN. I would urge General Veloso and Diogo Cavaco to respect the rule of law and to accept the Court's findings so that the parties can resume development of the project for the benefit of the Company, its shareholders and the people of Mozambique."