11th Sep 2014 11:16
LONDON (Alliance News) - Accsys Technologies PLC said Thursday that the arbitration tribunal in the Diamond Wood China Ltd case was yet to make an award in regards to legal costs, in a statement ahead of the company's annual general meeting.
Last year, the chemical technology group terminated its license with Diamond Wood, alleging that the company had failed to comply with contractual obligations. Diamond Wood subsequently served a notice of arbitration challenging Accsys and sought damages of over EUR140 million.
In July the arbitration tribunal ruled that Diamond Wood can only claim for limited damages, up to a maximum of EUR250,000. Additionally, it ruled that the licence agreement between the two parties is to continue. As a result Diamond Wood retains the responsibility for all Accoya Wood promotion marketing and selling to all customers within the licensed territories in the Far East.
Accsys said it is in the process of settling how to proceed with the parties involved, given its belief in the opportunity for Accoya in the region.
The company said that it had held its fourth Worldwide Accoya wood sales conference in Ireland last week, and the conference involved around 130 participants, up from 90 in the previous year.
Shares in Accsys were trading flat at 0.192 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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