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Sipiem Court Ruling Update
Quantum Blockchain Technologies plc announced a favourable court ruling in the Sipiem funds recovery matter, where the Court of Biella dismissed the defendant's appeal, confirming the validity of enforcement proceedings over a real estate asset valued at approximately €272,600. The judicial sale process can now resume with a minimum offer price of €204,450 for the property, and the company was awarded €5,800 in legal costs. This ruling is a significant step towards recovering the over €6 million awarded to its subsidiary, CL2017, from the original judgment. Disclaimer*
About this update from Quantum Blockchain Technologies Plc
3 July 2026 Quantum Blockchain Technologies plc ("QBT" or the "Company") Update on Sipiem Funds Recovery - Favourable Court Ruling Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment company, is pleased to provide a further update on the recovery actions being pursued by its wholly owned subsidiary, Clear Leisure 2017 Limited ("CL2017"), in relation to the judgment obtained against a defendant in the Sipiem in Liquidazione S.r.l. ("Sipiem") matter. Further to the Company's announcement of 19 March 2026, in which it informed shareholders that the Sipiem defendant had challenged the validity of the enforcement proceedings over a third real estate asset and that the matter was awaiting a ruling from the Court of Biella, the Company is pleased to announce that the Court has dismissed in its entirety the defendant's appeal. The dismissal confirms the validity of the real estate enforcement proceedings (pignoramento immobiliare) commenced by CL2017 over the property, thereby allowing the judicial sale process to resume. The property has been independently valued by the court-appointed surveyor at approximately €272,600. This would represent a further potentially significant asset available towards the recovery of the amounts awarded to CL2017. The court-ordered auction of the property has been set for 21 October 2026 with a minimum offer price of €204,450. The Court also ordered the defendants, jointly and severally, to reimburse CL2017's legal costs incurred in obtaining the dismissal in the amount of €5,800, plus applicable statutory additions. The defendants may appeal the judgment by 29 July 2026. In the meantime, CL2017 has already served notice of the judgment on the defendants and, unless the legal costs awarded are paid voluntarily, intends to commence enforcement proceedings for their recovery. This ruling removes a significant procedural challenge to the enforcement process and enables CL2017 to continue with the judicial sale process relating to this property, pursuant to the Order for Sale issued by the Court of Biella on 18 March 2026. CL2017 continues to pursue all available enforcement actions arising from the final judgment of the Venice Court of Appeal, under which it was awarded damages in e...
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