7th Apr 2016 08:49
LONDON (Alliance News) - Investment company Amphion Innovations PLC on Thursday said it has reached a settlement in its dispute with Berkeley Research Group LLC.
Berkeley, a consultant engaged by Amphion's DataTern subsidiary, filed for arbitration claiming it was owed USD1.1 million, which DataTern opposed and contested the amount owed.
In January 2015, however, the arbitrator found in favour of Berkeley and awarded the firm USD2.1 million for the balance due and legal costs.
Amphion had provided for these costs in its results for the year to December 2014, but on Thursday said it has now reached a settlement with Berkeley for USD1.6 million.
Amphion intends to satisfy the payment through additional loan facilities.
Shares in Amphion were down 3.7% to 3.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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