LONDON (Alliance News) - Arricano Real Estate PLC on Thursday said it is considering its options with legal advisers, after it said the award it was granted by the London Court of International Arbitration in the ongoing arbitration case between Arricano and Stockman Interhold SA has not yet been received.
The dispute between the two concerns a call option agreement, dated February 2010, which provided for Arricano's right to buy all Stockman's shares in Assofit, the holding company of the Sky Mall shopping centre in Ukraine.
The tribunal, in the latest award in May, found Stockman was in breach of the agreement and had taken "steps deliberately to dissipate and misappropriate Assofit's assets." The court ordered Stockman to transfer, or procure the transfer of, option shares to Arricano within 30 days of the award having been issued.
At the time Arricano said it would pay Stockman the option price minus damages, which would mean Arricano would pay nothing for the options.
However, on Thursday, Arricano said Stockman has not transferred or procured the transfer of the option shares to date, and Arricano said it is further considering its options in relation to this matter with its legal advisers.
In the event that Stockman does not transfer, or procure the transfer of the option shares, Arricano may elect to claim damages in lieu of the share transfer, the company said.
Shares in Arricano were untraded on Thursday, having last traded at USD0.40.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.