Business
5N Plus enters into complete settlement with Vendors of MCP Group SA
MONTREAL , June 18, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the leading producer of...
About this update from 5n Plus Inc.
[{"type":"text","content":"\n\n\nMONTREAL, June 18, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the\n leading producer of specialty metal and chemical products, announces\n that it has entered into a full and final settlement agreement with\n Florinvest SA, Heresford Ltd., Metals Corp SCRL and S.R.I.W. SA (the \"Vendors\"), which are all former shareholders of MCP Group SA (\"MCP\"), in relation with the dispute previously announced by the Corporation\n on December 21, 2012.\n\n\n5N Plus acquired MCP from the Vendors on April 11, 2011, from which\n remained a balance of the purchase price and accrued interest of\n approximately 54 million Euros. The Corporation filed a counterclaim in\n arbitration proceedings against the Vendors as it estimated that the\n Vendors had breached the representations and warranties of the\n Acquisition Agreement. Since then, other civil proceedings were\n commenced by the Corporation and the Vendors.\n\n\nThis full and final settlement entails: (a) a final adjustment to the\n purchase price through the final payment by the Corporation of an\n all-inclusive lump sum amount of 17,5 million Euros to the Vendors\n (from which 15 million Euros was paid at closing with the balance to be\n paid on April 9, 2014); (b) the withdrawal and cancellation of all\n arbitration and civil proceedings; and (c) the granting of mutual\n releases and discharges.\n\n\n\"We are pleased with the outcome and the complete settlement of this\n dispute as it will allow our management to solely focus on the\n Corporation's main objective of increasing shareholder value\" said Mr.\n Jacques L'Ecuyer, President and Chief Executive Officer of 5N Plus.\n\n\nAbout 5N Plus Inc.\n5N Plus is the leading producer of specialty metal and chemical\n products. Fully integrated with closed‐loop recycling facilities, the\n Corporation is headquartered in Montreal, Quebec, Canada and operates\n manufacturing facilities and sales offices in several locations in\n Europe, the Americas and Asia. 5N Plus deploys a range of proprietary\n and proven technologies to produce products which are used in a number\n of advanced pharmaceutical, electronic and industrial applications.\n Typical products include purified metals such as bismuth, gallium,\n germanium, indium, selenium and tellurium, inorganic chemicals based on\n such metals and compound semicondu...