Business
Arduina appeal
Arduina appeal.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n12 October 2006\n\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or \"the Company\")\n \n Celtic wins Arduina Appeal\n \nCeltic is pleased to announce that on 10 October 2006 the High Court of Justice\nin London dismissed Arduina Holding BV's (Arduina) appeal against the\narbitration award made in Celtic's favour. The Judge found that the Ardiuna\nappeal was misconceived and awarded Celtic its costs of the appeal on the\nindemnity basis. There is no leave to appeal this decision. Arduina was also\nordered to make a substantial interim payment on account of Celtic's costs.\n\nCeltic reported to its shareholders in December 2005 that an award had been made\nin the Company's favour in the London Court of International Arbitration as a \nresult of being the respondent in proceedings brought by Arduina. The claims \narose from an unsuccessful association between the companies in November 2002. \nIt then followed that Celtic was awarded its costs of approximately £916,000.\n\nAs the Company stated in its Interim results released in September 2006, Arduina\nappealed these awards and it is this appeal that was heard this week and \ndismissed.\n\n\nComment\n\nCommenting on the Award, Celtic's Chairman, Peter Hannen said \"this judgement\nconfirms the Company's consistent belief that Arduina had no case and its\nefforts were wasteful of Celtic's and the Courts time\"\n\n\nFor further information please contact:\n\nKevin Foo / Kate Dexter Smith Leesa Peters / Laurence Read\nCeltic Resources Holdings Plc Conduit PR\nTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 / Tel: +44(0)20 7429 6666\[email protected] [email protected]\n\nFrank Moxon / Simon Edwards\nEvolution Securities Limited\nTel: +44 (0) 20 7071 4300\n\n www.celticresources.com\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2122,"tagName":"div"}]