29th Dec 2015 07:54
LONDON (Alliance News) - Avocet Mining PLC on Tuesday said it has received the arbitration verdict on its dispute with J&Partners and said it will not result in any cost beyond what it has budgeted.
The pair have been in dispute over the 2011 sale of Avocet's South East Asian assets to J&Partners. There had been concerns that Avocet would have to pay up to USD4.8 million should it lose the arbitration.
But the verdict on the case ruled each side should pay its own costs, removing a threat to the short-term liquidity of Avocet, the company said.
Avocet said the verdict found in its favour in most aspects, though the implications regarding the areas on which the case was undecided remain unclear. Avocet is taking legal advice on these unresolved areas of the dispute.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AVM.L