Trading Emissions PLC Carbon Arbitrations & Settlement (9019C)
01 July 2016 - 4:00PM
UK Regulatory
TIDMTRE
RNS Number : 9019C
Trading Emissions PLC
01 July 2016
Trading Emissions PLC
1 July 2016
Trading Emissions PLC
Update on Carbon Arbitrations & Settlement
The Board of Trading Emissions PLC (the "Company") is pleased to
announce that a settlement has been reached in respect of all of
the arbitrations with subsidiaries of Yunnan Dianneng (Group)
Holding Co. Ltd ("Dianneng").
By way of background, in 2014, the Company received notices of
arbitration in respect of claims that challenged the amendments
that had been made to, in total, six Emissions Reductions Purchase
Agreements ("ERPAs"), each between TEP and a project company owned
by Dianneng. Each claimant is a counterparty to an ERPA with TEP.
The associated claims originally amounted to, in aggregate,
approximately EUR24 million, but were subsequently revised by
Dianneng to an aggregate of approximately EUR26 million.
Under the terms of the settlement, no payments will be made by
the Company to Dianneng or by Dianneng to the Company. Both parties
have committed to ensure the withdrawal and/ or termination of all
outstanding arbitrations. In addition, each of the ERPAs between
the Company and Dianneng have terminated. Under the settlement, a
number of administrative steps remain to be undertaken by both the
Company and Dianneng.
Enquiries:
FIM Capital Limited +44 (0)1624 681250
(Philip Scales)
Liberum Capital Limited +44 (0)20 3100 2222
(Steve Pearce/ Tom Fyson/ Josh Hughes)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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