24/09/2008 - 08:49

Cape Lambert injunction decision delayed

24/09/2008 - 08:49

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Cape Lambert Iron Ore Ltd will find out before the end of the week whether an injunction preventing it from acquiring a stake in an African project will be extended.

Cape Lambert injunction decision delayed

Cape Lambert Iron Ore Ltd will find out before the end of the week whether an injunction preventing it from acquiring a stake in an African project will be extended.

A judge with the Supreme Court of Western Australia yesterday reserved his decision on whether an injunction application, brought about by Power United Ltd, will continue.

Power, which is spearheaded by Mick Shemesian, was granted an interim injunction late last week with the Court scheduled to review the application yesterday.

The interim application was extended until further order with the Court expected to deliver its decision before the end of the week, Cape Lambert said today.

Power is seeking to block Cape Lambert from acquiring a 30 per cent stake in the Marampa iron ore project in a cash and scrip deal worth more than $54 million.

Cape Lambert is acquiring the project stake from London-listed African Minerals Ltd, a company controlled by Frank Timis.

Earlier this month, Mr Shemesian requisitioned a shareholders meeting in a bid to oust several Cape Lambert directors including executive chairman Tony Sage, and replace them with Melbourne identity Leo Khouri, Blair Sergeant, Tony Roberts and Lavan Legal lawyer Martin Bennett.

Power has previously said it was concerned that Cape Lambert was embarking on a major transaction so soon after the $400 million sale of its iron ore project to Chinese company MCC Mining.

The shareholders meeting has been called for October 15.

 

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