More misguided research

Once again, the financial website Proactiveinvestors has published misguided "research" about Pathfinder Minerals and the on-going dispute with General Veloso and Diogo Cavaco.

This time the "research" has been produced by Beaufort Securities, the new name (since 1^st May 2013) for HB Markets, which in turn was a name change from Hoodless Brennan, a stockbroking firm fined by the FSA on more than one occasion for its aggressive selling techniques.

Response to High Court judgement

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals’ Statement re UK Court of Appeal

The owners of CMdN, General Veloso and Diogo Cavaco, note today’s announcement by Pathfinder Minerals re their appeal to the UK High Court.  As they have already made clear, they withdrew their appeal after Pathfinder Minerals filed an application to the UK High Court demanding that General Veloso and Diogo Cavaco:

1.                   agree to provide over £1m of security for costs; and

2.                   drop their legal proceedings in Mozambique

 if they wished to proceed with their appeal. 

This was a clear attempt to stifle the appeal and deny them justice. 

Withdrawal of UK Court Appeal

Companhia Mineira de Naburi (“CMdN”)

• Withdrawal of UK Court Appeal after Pathfinder Minerals demands more than £1m in security for costs in order to stifle the Appeal 
• Mozambique Injunction continues with suspensive effect 
• Derisory $1m offer recently sent by Nick Trew to General Veloso

Misinformation in the market

The confused nonsense below was published on April 3^rd 2013 by Proactive Investors – “one of the leading free sources of breaking news, in-depth comment and analysis”, according to its own website. The content, though, was supplied by HB Markets, the little stockbroker until recently known as Hoodless Brennan.

When contacted and offered General Veloso’s and Diogo Cavaco’s version of the latest court developments, HB Markets’ research desk said: “We have absolutely no interest in your version of events. Goodbye.”

Injunction reinstated

Companhia Mineira de Naburi (“CMdN”)

Mozambique Injunction previously obtained by General Veloso Reinstated

with Suspensive Effect

The owners of CMdN, General Veloso and Diogo Cavaco, note the statement from Pathfinder Minerals on 2 April 2013, in which Pathfinder Minerals acknowledges that its attempt to interfere with General Veloso and Diogo Cavaco’s legal action against Pathfinder Minerals currently underway in Mozambique has failed.

Excessive costs

Companhia Mineira de Naburi (“CMdN”)

Appeal of UK Court judgment

Pathfinder Minerals announcement of 27 March 2013 re Appeal by CMdN of UK Court judgment

The owners of CMdN, General Veloso and Diogo Cavaco note the announcement by Pathfinder Minerals dated 27 March 2013 regarding CMdN’s appeal against the UK court judgment obtained by Pathfinder Minerals.

As with previous announcements by Pathfinder Minerals this announcement is more interesting for what it does not say and is confusing for investors.

In fact, in response to CMdN’s appeal, Pathfinder Minerals applied to the UK High Court demanding that General Veloso and Diogo Cavaco:

1. provide over £1m of security for costs; and

2. drop their legal proceedings in Mozambique

if they wished to proceed with their appeal.  This is a clear attempt to stifle the appeal and deny them justice. 

The judge stated that the demand for over £1m of costs was grossly excessive and he was not prepared to make it a condition of the appeal that General Veloso and Diogo Cavaco withdraw their Mozambique legal proceedings.  General Veloso and Diogo Cavaco continue to pursue vigorously the Mozambique legal proceedings.

********************

Note to Editors:

In the UK judgement obtained by Pathfinder Minerals in October 2012, the judge correctly found that the Share Option Agreement entered into by Pathfinder Minerals and CMdN was indeed an option agreement, under which the option could only be exercised upon payment of the agreed purchase price of $9.9m, which has not been paid.  Accordingly, property in the CMdN shares has not passed to Pathfinder Minerals’ subsidiary, IM Minerals Limited.

To this day, the promoters of Pathfinder Minerals, Nick Trew, Gordon Dickie, John McKeon and Tim Baldwin have only ever paid $100,000 in respect of the Option Agreement entered into in good faith by General Veloso and Diogo Cavaco in 2005.

The owners of CMdN, General Veloso and Diogo Cavaco, remain highly confident that while it is likely to take several years for this case to be finally resolved, they will be successful in defending their rights of ownership of CMdN under Mozambique law.

Media coverage of PFP cash burn

Companhia Mineira de Naburi (“CMdN”)

Pathfinder Minerals Cash Burn – Daily Telegraph 14 March 2013

The owners of CMdN, General Veloso and Diogo Cavaco have noted the recent article in the Daily Telegraph in UK that Pathfinder Minerals has been spending cash at a rate of £463,000 per month and had only £5.1m left at June 2012 of the £11m raised by them in June 2011.

Response to Pathfinder Minerals' recent announcements re court action

Companhia Mineira de Naburi (“CMdN”)

The Directors of CMdN note the recent announcements by Pathfinder Minerals regarding its legal action in respect of the shares of CMdN it claims to own. 

Following the decision of the Judicial Court of Maputo city (the “Court”) to suspend the previous Interdict obtained by CMdN, which prevented Pathfinder Minerals continuing proceedings in the UK court until a judgement had been made by the court in Mozambique, the Directors of CMdN filed an appeal on 29 November 2012 to suspend such decision.

Decision to walk away from UK proceedings

Comments on the Recent High Court Judgement of Mr Justice Field re Companhia Mineira de Naburi

1.         Decision to walk away from the UK proceedings

On 19 October 2012, the day of the recent UK judgement by the Honourable Mr Justice Field, Pathfinder Minerals plc issued a press release which included the statement that General Jacinto Veloso and Dr Diogo Cavaco’s

“defence had been struck out as a result of the Defendants having "flagrantly refused" to comply with English High Court orders” 

Pyrrhic Victory for Pathfinder Minerals

19 October 2012

Companhia Mineira de Naburi (“CMdN”)

Response to Pathfinder Minerals plc announcement re UK Court Proceedings

The Board of Pathfinder Minerals plc (“Pathfinder Minerals”) has today announced that the company has obtained a judgement from the High Court in the UK supporting its claim to own the shares of Companhia Mineira de Naburi (“CMdN”). see http://otp.investis.com/generic/regulatory-story.aspx?cid=195&newsid=278231

The owners of CMdN, General Veloso and Diogo Cavaco make the following points:

Response to Pathfinder Minerals' High Court Court Ruling

For Immediate Release

Companhia Mineira de Naburi (“CMdN”)

The Directors of CMdN note the announcement on 9^th July 2012 of Pathfinder Minerals’ latest activities in the English High Court.

As previously stated, General Veloso and DC walked away from the UK proceedings as they served no useful purpose. The latest ruling was obtained in criminal breach of an injunction from the Mozambique Court.

Response to Pathfinder Minerals' statement and relisting

For Immediate Release

Companhia Mineira de Naburi (“CMdN”)

Response to Pathfinder Minerals Plc (“Pathfinder Minerals”) announcement of restoration of trading

The Directors of CMdN note the announcement on 28 June 2012 of the preliminary results of Pathfinder Minerals and the restoration of trading (the “Press Release”). 

The Directors of Pathfinder Minerals (and its subsidiary IM Minerals Limited), namely John McKeon, Nick Trew, Gordon Dickie, Tim Baldwin and James Normand, have made a number of assertions

The Business Reporter article, 13 May 2012

On Sunday 13 May 2012 the Sunday Telegraph in the UK carried an article about the dispute over the mining licenses. Despite appearances to the contrary, this was not written by a Sunday Telegraph journalist and is not to be regarded as independent reporting.

Riddle of the Sands - the Noseweek magazine exposé

Riddle of the sands

Issue #150, 1st April 2012

A few weeks ago Nick Trew, chief executive of London-listed Pathfinder Minerals Plc, and his ever-present PR sidekick Ben Simons, called to alert Noseweek to intrigue and skulduggery surrounding valuable titanium and zircon deposits in Mozambique.

Indian Ocean coast in Mozambique's Zambezia Province, where Pathfinder Minerals claims concessions

They told how a Mozambique general – a decorated war hero and president of the South Africa-Mozambique Friendship Association – has set up a company with the same name as theirs and hijacked their mining licences, potentially worth many billions. He had, until recently, been Pathfinder’s local business partner.

Trew and Simons, on a brief visit to South Africa, had wished to set up a meeting to brief Noseweek. In the event, it was only several days later – when they had returned to the UK – that our reporter managed to catch up with them by telephone for what he thought would be a lengthy interview. It was certainly lengthy, but not quite an interview: “Can I assume that Nick is not being quoted?” asks Simons, who hails from M:Communications, the strategic consulting arm of global financial and stakeholder communications firm King Worldwide. “It was made clear to your editor that this was for background and was off the record and that we could discuss any specific quotes afterwards.”

Letter to Shareholders from General Veloso

 A letter to all shareholders of Pathfinder Minerals plc from General Jacinto Soares Veloso and Diogo Henriques Cavaco

26 March 2012 

Pathfinder Minerals plc (“Pathfinder” or the “Company”)

We are writing to you in response to the document issued by the Board of Pathfinder dated 2 March 2012 convening a General Meeting of the Company at our request.