Statement re Pathfinder Minerals
Align Research and related parties note the announcement put out by Pathfinder Minerals Plc this morning. We wish to make clear to all Pathfinder Minerals shareholders that we have been in dialogue with General Jacinto’s partners and advisers during the last few weeks. Together with written documentation supplied to us it appears that, prima facie, the RNS’s released by the current management in recent months referencing a “framework agreement” were misleading.
As a consequence of these releases we in fact believe that there has been a false market in the shares of Pathfinder Minerals in recent months and that the RNS’s put out by the company during this period may in fact fall foul of the FCA’s MAR regulations. We intend to take this matter up with AIM regulation together with the roles played by the advisers and Nomad in checking this information.
We hereby call upon Nick Trew and Henry Bellingham to resign with immediate effect and confirm that we have executives ready to step into their roles. Further, we can confirm that we have had very constructive dialogue with the General’s representatives and in fact feel confident that ourselves and new management can enter into good faith negotiations with Pathfinder Mozambique on an expedited basis and we anticipate that this will result in the resolution of the long running impasse that has been in play re the licences for over 7 years now.
Should Mr Trew and Mr Bellingham attempt to remain in office we confirm that we will call an EGM calling for their removal at the earliest opportunity.
The choice for shareholders is now clear – continue on with the charade of a resolution when it is abundantly clear that the present management of Pathfinder Minerals are no nearer now than they were 7 years ago. Or, in the alternate, the installation of new management and flowing from this the expression of a clear intent to move towards a resolution by the General’s representatives with finally a hoped for accretion of value to Pathfinder Minerals shareholders that is, we believe, many multiples of the current stock price.
We will shortly be presenting an EGM requisition to the Board with a replacement CEO and Chairman and a clear plan to receive back our licences and move this company forward. If you are a shareholder and would like to pledge your support to this please email us at richard.jennings@Alignresearch.co.uk with your shareholding and contact details.