Celtic Resources Holdings PLC
12 October 2006
Celtic Resources Holdings Plc
("Celtic" or "the Company")
Celtic wins Arduina Appeal
Celtic is pleased to announce that on 10 October 2006 the High Court of Justice
in London dismissed Arduina Holding BV's (Arduina) appeal against the
arbitration award made in Celtic's favour. The Judge found that the Ardiuna
appeal was misconceived and awarded Celtic its costs of the appeal on the
indemnity basis. There is no leave to appeal this decision. Arduina was also
ordered to make a substantial interim payment on account of Celtic's costs.
Celtic reported to its shareholders in December 2005 that an award had been made
in the Company's favour in the London Court of International Arbitration as a
result of being the respondent in proceedings brought by Arduina. The claims
arose from an unsuccessful association between the companies in November 2002.
It then followed that Celtic was awarded its costs of approximately £916,000.
As the Company stated in its Interim results released in September 2006, Arduina
appealed these awards and it is this appeal that was heard this week and
dismissed.
Comment
Commenting on the Award, Celtic's Chairman, Peter Hannen said "this judgement
confirms the Company's consistent belief that Arduina had no case and its
efforts were wasteful of Celtic's and the Courts time"
For further information please contact:
Kevin Foo / Kate Dexter Smith Leesa Peters / Laurence Read
Celtic Resources Holdings Plc Conduit PR
Tel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885 / Tel: +44(0)20 7429 6666
Investors@celticresources.com leesa@conduitpr.com
Frank Moxon / Simon Edwards
Evolution Securities Limited
Tel: +44 (0) 20 7071 4300
www.celticresources.com
This information is provided by RNS
The company news service from the London Stock Exchange