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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atalaya Mining Plc | LSE:ATYM | London | Ordinary Share | CY0106002112 | ORD 7.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.50 | -0.58% | 425.50 | 423.50 | 425.50 | 430.00 | 421.00 | 430.00 | 60,184 | 11:42:35 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Metal Mining Services | 341.98M | 38.77M | 0.2772 | 15.37 | 595.89M |
TIDMATYM
RNS Number : 0611G
Atalaya Mining PLC
01 November 2018
1 November 2018
Atalaya Mining Plc.
("Atalaya" and/or the "Company")
Astor Management AG ("Astor") case ("Astor Case") update
Atalaya Mining Plc. (AIM:ATYM, TSX:AYM) the European mining and development company, announces that judgment was handed down in the Astor Case in the Court of Appeal earlier today.
The Court of Appeal confirmed the ruling from the High Court made on 6 March 2017, which was announced by the Company on that date.
In summary, the deferred consideration, as fully set out in the Company's announcement of 2 November 2015 when it was first notified of the claim ("Deferred Consideration"), payable to Astor under the master agreement entered into in 2008 between inter alia the Company and Astor ("Master Agreement"), did not start to become payable when permit approval was granted for the Rio Tinto Copper Project ("Proyecto Riotinto"). In addition, the intra-group loans by which funding for the restart of mining operations was made available to the Company's subsidiary, Atalaya Riotinto Minera S.L. did not constitute a "Senior Debt Facility" so as to trigger payment of the Deferred Consideration. Accordingly, the first instalment of the Deferred Consideration has not fallen due.
While the Company is not in breach of any of its obligations, the Master Agreement and its provisions remain in place. Accordingly, other than up to US$10 million a year which may be required for non-Proyecto Riotinto related expenses, Atalaya Riotinto Minera S.L. cannot make any distribution or any repayment of the money lent to it by its holding company and must apply any excess cash to pay the Deferred Consideration, until this has been paid in full.
The Company will not ask for permission to appeal and, as a consequence, any excess cash (after payment of operating expenses, sustaining capital expenditure, any senior debt service requirements and up to US$10 million (for non-Proyecto Riotinto related expenses)) will be used to pay the Deferred Consideration.
Alberto Lavandeira, CEO commented:
"The Company is pleased with the Court of Appeal's decision, which confirmed it acted in accordance with the Master Agreement and is not in breach of its obligations, as previously ruled by the High Court of Justice. The Court's decision also sets out that in the absence of a Senior Debt Facility, the Deferred Consideration is only payable out of excess cash generated by Proyecto Riotinto. The Company believes that this result now provides a level of certainty around the position with regard to Astor now that the appeal process has been concluded."
About Atalaya Mining Plc
Atalaya is an AIM and TSX-listed mining and development group. It produces copper concentrates and silver by-product at its wholly owned Proyecto Riotinto site in southwest Spain, which is also undergoing a brownfield expansion. In addition, the Group has a phased, earn-in agreement for up to 80% ownership of Proyecto Touro, a brownfield copper project in the northwest of Spain which is currently in the permitting stage. For further information, visit www.atalayamining.com
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) no 596/2014.
Contacts:
Elisabeth Cowell / Adam +44 20 7680 Newgate Communications Lloyd/ Tom Carnegie 6550 +44 20 3170 4C Communications Carina Corbett 7973 ------------------------------ ------------ Martin Davison / Henry Canaccord Genuity (NOMAD Fitzgerald-O'Connor / James +44 20 7523 and Joint Broker) Asensio 8000 ------------------------------ ------------ BMO Capital Markets (Joint Jeffrey Couch / Tom Rider +44 20 7236 Broker) / Michael Rechsteiner 1010 ------------------------------ ------------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
November 01, 2018 08:25 ET (12:25 GMT)
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