15th Feb 2016 09:46
LONDON (Alliance News) - Wind sensors manufacturer Windar Photonics PLC on Monday said it has received a claim of unfair termination from former partner TRES Wind related to the cancellation of the contract between the two.
Windar in January said it had given six months' notice to LSAP Holdings AG, which trades at TRES Wind, as the necessary sales target under the agreement between the two had not been met. The pair had a distribution deal in place for the Chinese market.
TRES responded by claiming there was a case for unfair termination, but Windar said it has received legal advice on the issue and has rejected the claim.
Windar shares were untraded on Monday, having last traded at 89.30 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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