PI Power International Limited
EANS-News: PI Power International Limited
Arbitration Panel Renders its
Decision regarding Kárpát Energo Put Option
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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Litigation & Regulations
St Helier, Jersey, Channel Islands (euro adhoc) - Jersey/Vienna December 17,
2012 - The Board of Directors of PI Power International Limited ("PI") is
pleased to announce that it has been informed of the decision of the arbitration
panel in the ICC International Court of Arbitration proceedings brought by PI's
100% subsidiary Stratius Investment Limited ("Stratius") regarding the put
option exercised by Stratius in respect of its shareholding in Kárpát Energo.
The arbitration panel has decided in favor of Stratius, and has ordered the
counterparty to pay EUR 13.2 million, plus reimbursement of costs of
approximately EUR 0.4 million, and interest at 5% p.a. from 28 February 2011
until paid to Stratius. The decision is non-appealable, however this may be
challenged in the Hungarian Courts.
The Board of Directors will provide further updates as and when required.
Further inquiry note:
Mick Stempel
Metrum Communications
T: +43 (1) 504 69 87-385
E-mail: m.stempel@metrum.at
end of announcement euro adhoc
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company: PI Power International Limited
1st Floor, 7 Bond Street
A-JE2 3NP St Helier, Jersey, Channel Islands
mail: info@powerinternational.eu
WWW: www.powerinternational.eu
sector: Energy
ISIN: AT0000A05W59
indexes: other listings
stockmarkets: Third Market: Wien
language: English