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https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/17/14
From Moggers link the other day -
Extract from commitment 21 -
Complete resourcing and recruitment needed for Sea Lion project
Progress update -
1. New director was due to arrive Q3 FY 2022/23, withdrew from process in December 2022
Wonder what put him/her off? Hopefully it was as better offer elsewhere!
I'd say not -
"As announced on 24 August 2022, the arbitration panel unanimously held that Italy had breached its obligations under the Energy Charter Treaty (the "Award") entitling Rockhopper to compensation of €190 million plus interest at EURIBOR + 4%, compounded annually from 29 January 2016 until time of payment (except the four-month period immediately following the date of the Award)."
I can't explain it very well but at the moment RKH can't go after the money awarded to them due to ICSID rules. The ROI wants it to stay like this until their annulment request has been dealt with. If they get their way, they potentially have up to 2 years before having to pay up if they lose. I think ICSID will decide by the end of Feb whether or not RKH can go after its award while annulment proceedings are ongoing. Lets hope it is resolved quickly, but not holding my breath!
Claimant(s): King & Spalding, London, U.K. and New York, NY, U.S.A.
Respondent(s): Avvocatura Generale dello Stato, Rome, Italy
Status of Proceeding: Pending
Latest Development: January 10, 2023 - The ad hoc Committee holds a first session by video conference
Actually, my Vodafone shares are down by double the %age my RKH ones are at the moment. Ok granted, I get a small dividend from VOD but still overall in the red. So not just RKH SP in the doldrums at the moment. Hopefully will all change over the coming months.
Thanks for posting CantSellNow and welcome to the board. Not everyone will appreciate your effort there but the majority will. A bit technical for me so I wait for comments from the more legally savy posters on here.
When a warrant is exercised, the company issues new shares, increasing the total number of shares outstanding, which has a dilutive effect.
I expect this may be a contributing factor to the slow decline in SP since OM award announcement. Hopefully there will be a steady flow of updates over the coming months to bring the SP value back up to true value. As always, a waiting game.
"We will update the market in due course once we have been able to analyse fully the results of the arbitration and its full, very positive financial implications for Rockhopper."
Got to be worth a penny or two when this RNS is released.