Alpha Real Trust Limited Logix Challenge to Arbitration Award Dismissed (6550W)
13 February 2017 - 6:00PM
UK Regulatory
TIDMARTL
RNS Number : 6550W
Alpha Real Trust Limited
13 February 2017
13 February 2017
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE
"COMPANY")
Logix Group ("Logix") challenge to the Arbitration Award
dismissed by the Delhi High Court
As announced on 29 January 2015, the International Chamber of
Commerce (ICC) Arbitration declared an award in favour of the
Company with respect to its Galaxia investment, a joint venture
with the Logix Group ("Logix") located in an 11.2 acre Special
Economic Zone, in NOIDA, the National Capital Region, India. The
total award amounted to GBP9.2 million based on exchange rates at
the time. Additionally, a further 15% p.a interest on all sums was
awarded to the Company from 20 January 2015 until the actual date
of payment by Logix of the award. The sum has now accrued to
GBP13.4m at the current exchange rate.
Following a challenge of the award by Logix, the Company
announces that on 9 February 2017 the Delhi High Court upheld the
award and dismissed the Logix petition with costs.
Logix has 30 days to appeal the dismissal before a Division
Bench of the same court.
Further updates will be provided in due course.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to the Company
Richard Gray / Andrew Potts +44 (0) 20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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