Cerillion Regulatory News (CER)

15 Dec 2005 07:00

Celtic Resources Holdings PLC15 December 2005 Celtic Resources Holdings Plc ("Celtic" or "the Company") Celtic wins case against Arduina Celtic is pleased to announce that the London Court of International Arbitration("LCIA") has made an award dated 12th December 2005 in the Company's favour, inthe case of Arduina Holdings and Celtic Resources Holdings Plc. The Company wasthe respondent in arbitration proceedings brought by Arduina Holdings BV("Arduina") in the LCIA. Arduina was claiming compensation for alleged misrepresentations by the Companyand a lost opportunity to acquire shares in the Company. The claims arose froman unsuccessful association between the parties in November 2002 during whichArduina failed to arrange, under the terms agreed, for the acquisition andtransfer to the Company of the 50 per cent. of SVMC which the Company did notown. Arduina alleged that the Company in turn failed to perform its obligationsunder the agreement to encourage the transfer. The Company vigorously denied theallegations contending that, because the conditions precedent were notsatisfied, all agreements between the parties were null and void and of no legaleffect. The LCIA has found in Celtic's favour on every issue in the arbitrationproceedings and Celtic now intends to pursue its right to recover the costs ofthe proceedings. Commenting on the Award, Celtic Chairman, Peter Hannen, said, "Celtic has alwaysmaintained that this was a case without merit. The Award not only confirms thatview, but completely vindicates the evidence given by our witnesses." For further information please contact: Kevin Foo / Kate Dexter Smith Leesa Peters / Laurence ReadCeltic Resources Holdings Plc Conduit PRTel: + 44 (0)20 7921 8800 Tel: +44 (0)7812 159 885/Tel: +44(0)20 7429 6666Investors@celticresources.com leesa@conduitpr.com Frank Moxon / Nick MorganWilliams de Broe PlcTel: +44 (0)20 7588 7511 www.celticresources.com This information is provided by RNS The company news service from the London Stock Exchange