Business
Smith Eurasia Settlement Agre
Smith Eurasia Settlement Agre.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 7536G Cadogan Petroleum PLC 05 February 2010 \n \n\n5 February 2010\nCadogan Petroleum PLC \n(\"Cadogan\" or the \"Company\")\nSmith Eurasia Settlement Agreement\nCadogan advises that it has reached an agreement with one of the Defendants in the litigation being pursued by the Company, Smith Eurasia Limited, and various related parties with respect to potentially improper payments made by Smith Eurasia Limited to former executives of the Company prior to March 2009. \nUnder the parties' agreement, in which Smith Eurasia does not accept fault or liability in relation to the allegedly improper payments, the Company will receive $4,500,000.\nIn addition the Agreement resolves all other outstanding commercial issues between Smith Eurasia and the Company as follows:\n1) The Company will pay approximately $2,900,000 of outstanding invoices owing to Smith Eurasia and related parties for goods and services supplied to the Company in Ukraine. Such amounts were recognised as creditors of the Group at 30 June 2009. \n2) Smith Eurasia will repurchase from the Company certain unused plant and equipment and Smith Eurasia will pay the Company approximately $1,000,000. These assets were included within the Group's inventory balance at 30 June 2009. \nAll amounts due under the Agreement will be paid in full within the next three months. \n \nEnquiries:\n\n\n\n\nCadogan Petroleum \n\n\n+44 20 7245 0801 \n\n\n\n\nIan Baron \nStefan Bort \n\n\n\n\n\n\n\nPelham Bell Pottinger\n\n\n\n\n\n\n\nEvgeniy Chuikov\n\n\n+44 20 7337 1513\n\n\n\n\nPhillip Dennis\n\n\n+44 20 7337 1516\n\n\n\n\n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END AGRUVSARRNAURAR \n ","length":4019,"tagName":"div"}]