11th May 2016 16:14
LONDON (Alliance News) - Arricano Real Estate PLC on Wednesday said the London Court of International Arbitration has issued a further award in the ongoing arbitration case between Arricano and Stockman Interhold SA.
The dispute between the two concerns a call option agreement between the pair, dated February 2010, which provided for Arricano's right to buy all Stockman's shares in Assofit, the holding company of the Sky Mall shopping centre in Ukraine.
The tribunal, in the latest award, found Stockman was in breach of the agreement and has taken "steps deliberately to dissipate and misappropriate Assofit's assets." The court ordered Stockman to transfer, or procure the transfer of, option shares to Arricano within 30 days of the award having been issued.
Arricano will pay Stockman the option price minus damages, which will mean Arricano pays nothing for the options.
"We are delighted with the arbitration award from the LCIA and the decision by the tribunal that Arricano has acted properly in its dispute against Stockman's actions. We now hope that Stockman will comply with the terms of our original agreement which we believe will help us in our efforts to regain control of Sky Mall itself," said Arricano Chief Executive Mykhailo Merkulov.
Shares in Arricano closed untraded Wednesday, having last traded at 0.59 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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