Celtic Resources Holdings PLC
15 December 2005
Celtic Resources Holdings Plc
("Celtic" or "the Company")
Celtic wins case against Arduina
Celtic is pleased to announce that the London Court of International Arbitration
("LCIA") has made an award dated 12th December 2005 in the Company's favour, in
the case of Arduina Holdings and Celtic Resources Holdings Plc. The Company was
the respondent in arbitration proceedings brought by Arduina Holdings BV
("Arduina") in the LCIA.
Arduina was claiming compensation for alleged misrepresentations by the Company
and a lost opportunity to acquire shares in the Company. The claims arose from
an unsuccessful association between the parties in November 2002 during which
Arduina failed to arrange, under the terms agreed, for the acquisition and
transfer to the Company of the 50 per cent. of SVMC which the Company did not
own. Arduina alleged that the Company in turn failed to perform its obligations
under the agreement to encourage the transfer. The Company vigorously denied the
allegations contending that, because the conditions precedent were not
satisfied, all agreements between the parties were null and void and of no legal
effect.
The LCIA has found in Celtic's favour on every issue in the arbitration
proceedings and Celtic now intends to pursue its right to recover the costs of
the proceedings.
Commenting on the Award, Celtic Chairman, Peter Hannen, said, "Celtic has always
maintained that this was a case without merit. The Award not only confirms that
view, but completely vindicates the evidence given by our witnesses."
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 / Nick Morgan
Williams de Broe Plc
Tel: +44 (0)20 7588 7511
www.celticresources.com
This information is provided by RNS
The company news service from the London Stock Exchange
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