Business
Update re. Arduina
Update re. Arduina.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n20 December 2006\n\n\n\n 20th December 2006\n\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or \"the Company\")\n \n Celtic receives Arduina costs\n \nCeltic is pleased to announce that Arduina Holding BV (\"Arduina\") has now paid \nthe costs awarded to Celtic after the Company's successful defence of the London \nCourt of International Arbitration (\"LCIA\") proceedings as reported to \nshareholders in December 2005.\n\nAs previously announced the LCIA awards were unsuccessfully appealed by Arduina \nat a hearing on 10 October 2006 in the Commercial Court at the High Court of \nJustice. The costs of the LCIA arbitration together with the interim payment of \nthe costs of the appeal totalled approximately £1.02m.\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 after a \nsuccessful defence of the proceedings brought by Arduina. The claims arose from \nan unsuccessful association between the companies in November 2002. It then \nfollowed 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 in October and \ndismissed.\n\n\nComment\n\nCommenting on the Award, Celtic's Chairman, Peter Hannen said \"We are delighted \nthat this issue has been resolved in favour of the Company. The Board is now \nfully focused on developing Celtic into a significant FSU mining company, the \nfirst stage of which will be the completion of the proposed acquisition of \nEureka Mining.\"\n\n\n\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":2429,"tagName":"div"}]