Sigmaroc. Regulatory News (SRC)

15 March 2023

(EPIC: SRC / Market: AIM / Sector: Construction Materials)

SIGMAROC PLC

 ('SigmaRoc', the 'Group' or the 'Company')

Successful claim in Nordkalk dispute with the Swedish state

SigmaRoc (AIM: SRC), the quarried materials group, announces that it has been successful in its claim to seek compensation from the Swedish state in respect of land use restrictions.

On 1 April 2020, Nordkalk AB filed a claim for compensation for economic loss due to land use restrictions as a result of the Swedish government's designation of a piece of land as environmentally protected pursuant to a Natura 2000 decision (Nacka District Court case no. M2296-20). The Group acquired Nordkalk AB in August 2021 and details of the claim were disclosed in the Group's related Admission Document of 16 July 2021.

The verdict, pronounced on 14 March 2023, made an award to Nordkalk AB in compensation for this economic loss, of which a sum of c. SEK 188 million (c. £17m) that is to be adjusted for inflation and interest until payment is made, is receivable by the Group as its share. The verdict is capable of being appealed by the Swedish State until 4 April 2023 and receipt of funds remains subject to the outcome of any appeal, if lodged. The Group will keep the markets informed of any further developments.

Max Vermorken, CEO of SigmaRoc, commented:

"We are pleased with this news and that the Swedish Courts have recognised our economic loss. Should no appeal be lodged and when we are in receipt of funds we intend to use the damages awarded, if confirmed, to secure further reserves of our business in Sweden and to fast track the decarbonation of our operations." 

Information on the Company is available on its website, www.sigmaroc.com.