IN BRIEF: Pennpetro Energy wins legal case as court dismisses claims

Pennpetro Energy PLC - London-based developer of energy projects in Ukraine, US and Canada - The High Court of Justice, Business and Property Courts of England and Wales dismisses all claims brought by Jesse White against the company, it says. The judge did not order costs in this case to the company, despite all claims against it being dismissed, but suggested that White in future should "..if possible seek legal advice in relation to potential claims against the company." Pennpetro Energy remains "resolute" to defend any claims brought against it and pursue costs and damages to the "fullest extent, including, where appropriate, security for costs". Executive Co-Chair Richard Spinks says: "We have consistently explained to shareholders that we are working in the best interests of the company and its shareholders. This legal proceeding has unnecessarily cost the company a significant amount of money, funds that could have been deployed elsewhere to create value. However, we have always taken a principled approach to resolving legacy issues, and this judgment vindicates our stance. We are pleased to put this matter behind us and continue focusing on moving the business forwards."

Current stock price: 9.55 pence

By Jeremy Cutler, Alliance News reporter

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