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LONDON (Alliance News) - Trading Emissions PLC Wednesday said it has received further "Notices of Arbitration" over four separate Certified Emission Reduction transaction agreements.
The company, which invests in a range of tradable environmental permits, said it received the notices on Monday, which add to two further arbitration notices for CER agreements with Chinese counterparties announced in March.
Trading Emissions said the aggregate sums alleged to be payable by the company, including EUR6 million from the two previous arbitration notices, is EUR24 million.
The company said that, after legal advice, it will rigorously defend the claims and that the new arbitration notices are "unjustified".
"The terms are for declaratory relief and sums alleged to be payable under the CER Termination Agreements. The company intends to rigorously defend these claims," Trading Emissions said in a March statement regarding the first two arbitration notices.
"The initial advice received by the company is that the claimants will face difficulties in maintaining their claims and that these cases should be equally rigorously defended," the company said on Wednesday regarding the new notices.
Trading Emissions shares were up 3.1% at 8.25 pence early Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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