Last checked at 15 Feb 2013 12:59
CADOGAN PETROLEUM PLC - High Court Judgment in favour of CadoganCADOGAN PETROLEUM PLC - High Court Judgment in favour of Cadogan
PR Newswire
London, February 15
The Board of Cadogan is pleased to announce that the Company has receivedjudgment in its litigation against Global Process Systems LLC ("GPS").
Mr Justice Eder of the High Court in London has today awarded judgment infavour of the Company in the sum of just over US$21,000,000 inclusive ofinterest (the "Judgment Debt"), to be paid by Monday 4 March 2013. In the eventof late payment of the Judgment Debt, interest will accrue at a rate of 8% perannum equivalent to approximately US$4,600 per day.
GPS' counterclaim for the sum of approximately US$7,500,000 million wasdismissed.
At the request of the Company, a decision by the Court on further damagesestimated at approximately up to US$10,500,000 has been adjourned pending saleof the plants. In the meantime the Company continues to retain legal title tothe plants and will allow GPS to continue marketing these on a non-exclusivebasis.
GPS has also been ordered to pay the Company's legal costs relating to theJudgment Debt and 50% of the costs of trial. All other costs issues arereserved to the resumption of the adjourned hearing for the balance of damages.
Mr Justice Eder turned down the application of GPS for permission to appeal hisjudgment. GPS could renew its application for permission to appeal with theCourt of Appeal.
Bertrand des Pallieres, Chief Executive Officer of Cadogan, commented:
"We are delighted with this judgment in our favour, reflecting what the Companyhad asked for. This issue has soaked up a substantial amount of management timesince it began but the positive outcome makes it worthwhile. We expect thiswill allow us to put significant additional resources to work in our corebusiness." ENDSEnquiries:Cadogan Petroleum Plc +44 (0) 207 397 8888Laurence SudwartsGeneral Counsel / CompanySecretaryBankside +44 (0) 207 397 8888Simon Rothschild 2