ARM says it will defend itself against legal challenge over Assmang
JSE-listed African Rainbow Minerals (ARM) has informed its shareholders that it and Assore South Africa are involved in a legal dispute relating to, among others, ARM’s right to appoint senior management for joint venture manganese and iron-ore miner Assmang and to manage the Assmang operations in accordance with the shareholders’ agreement between the parties.
ARM and Assmang, among others, have been cited as defendants in a summons served by Assore.
Based on legal advice received, ARM says it believes Assore’s claims and allegations have no substantive merit.
ARM intends to defend the proceedings and will be bringing its own proceedings against Assore relating, among others, to its rights to manage Assmang in accordance with the shareholders’ agreement and to obtain the information and records required to comply with Assmang’s legal and regulatory obligations.
Notwithstanding the matters in dispute, ARM says it will continue to manage Assmang in accordance with its contractual rights and obligations.
ARM remains committed to Assmang creating competitive value and returns for its shareholders and other stakeholders, the company highlights.
In terms of the ongoing operations of Assmang, representatives of ARM and Assore continue to engage with each other in connection with the business.
There are ongoing discussions between ARM and Assore representatives to determine the timing and quantum of an appropriate final dividend to be declared and paid by Assmang to its shareholders for the financial year ended June 30.
Assmang cash and cash equivalents attributable to ARM were equal to R3.9-billion as at June 30.
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