CHL.GB Cloudified Holdings Limited

TIDMCHL

RNS Number : 4444J

Churchill Mining plc

28 June 2017

28 June 2017

NEX: CHL

CHURCHILL MINING PLC

("the Company" or "Churchill")

ICSID Arbitration - Annulment Proceedings Update

Further to the Company's announcement of 21 June 2017 regarding its request for continuance of the provisional stay on enforcement of the Award of December 6, 2016 in ICSID Case No. ARB/12/14 and ARB/12/40 ("Award") until completion of the annulment proceedings ("Request for Continuance"), the Company advises that, subject to the Company pledging the Port Land property that it had purchased in the East Kalimantan Province of Indonesia for the East Kutai Coal Project as security, the stay on enforcement of the Award will continue pending a decision on the Annulment Application.

In its ruling, the ICSID ad hoc committee ("Committee") has called for the Company to (i) use its best efforts to implement the pledge, (ii) provide an update on progress to the ICSID Secretariat within 15 days, and (iii) provide a copy of the pledge to the Committee and the ICSID Secretariat within 30 days.

The Committee has also stated that if implementation of the pledge referred to above is not complied with, the stay on enforcement will be automatically terminated.

The Company has accordingly commenced work on preparation of pledge documentation.

The Directors of the Company are responsible for the contents of this announcement.

ENDS

For further information, please contact:

 
 Churchill Mining plc   Northland Capital Partners 
                         Limited 
 David Quinlivan        NEX Corporate Adviser 
  Nicholas Smith         Edward Hutton/Gerry Beaney 
  Russell Hardwick       Broking 
                         John Howes 
 
 + 61 8 6380 9670       +44 (0)20 3861 6625 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

NEXUWAARBSANUAR

(END) Dow Jones Newswires

June 28, 2017 07:16 ET (11:16 GMT)

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