7th Mar 2016 09:53
LONDON (Alliance News) - Trading Emissions PLC said Monday morning a further arbitration claim of around EUR5.6 million that had been lodged against the company by a subsidiary of Yunnan Dianneng (Group) Holding Co Ltd has been terminated.
Additionally, Trading Emissions was awarded HKD289,105 in relation to its legal costs.
The arbitration was in relation to claims challenging amendments made to a total of six emissions reductions purchase agreements between Trading Emissions and a project company owned by Dianneng.
The associated claims originally amounted to a total of EUR24 million, but were then revised to around USD26 million by Dianneng. However, arbitration processes in relation to four of the six claims, totalling EU20 million, have now been terminated or concluded with awards issued in Trading Emissions' favour. Processes in relation to the remaining two claims continue.
Trading Emissions said it expects the conclusion and termination of the arbitrations to date will allow it to resume its distribution to shareholders, the details of which it expects to give before the end of March.
Shares in Trading Emissions were up 17% at 6.00 pence, one of the biggest gainers on AIM.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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