JOHANNESBURG (miningweekly.com) – The Court of Appeal in England has given Renaissance Capital permission to appeal certain aspects of a decision by the High Court in March in which London-listed African Minerals was ordered to pay the investment banking firm outstanding financial adviser’s fees.
The group’s appeal sought an increase of $63-million, plus interest and costs, in the amount awarded against and paid by African Minerals.
African Minerals said in a statement on Friday that it had already filed its appeal to reduce the amount awarded, and that these two appeals would be combined and were expected to be heard by the Court of Appeal in the first half of next year.
“The company remains confident that it has good prospects of successfully defending Renaissance Capital's appeal, and reasonable prospects of success on its own appeal,” it stated.