EAM Solar ASA: Legal update

EAM Solar ASA: Legal update

04.04.2019 08:15

https://newsweb.oslobors.no/message/473696

EAM Solar ASA received the decision made by the Arbitral Tribunal under the rules of the Chamber of Arbitration of Milan in the case no. 8816, whereas EAM Solar ASA and EAM Solar Italy Holding Srl filed a number of claims against Aveleos SA including the annulment of the purchase of 31 power plants in 2014. The Tribunal decided to dismiss EAM's claims for the annulment based on the claim of fraud and for the termination of the SPA. However, the Tribunal declared the right of EAM to be compensated for losses suffered in connection with the breach of the Representation and Warranties under the SPA within the limits of the liability cap as defined in the SPA. The liability cap in the SPA is defined to be approximately EUR 3,7 million. The Arbitration decision was not unanimous, but with one out of three arbitrators dissenting from dismissing the claims brought by EAM Solar ASA and EAM Solar Italy Holding Srl. The dissent to the ruling was substantiated in a separate dissenting opinion published together with the arbitration ruling. The Tribunal also decided that the ascertainment of any fraudulent act or behaviour of Messrs Giorgi and Akhmerov falls outside of the scope of the Arbitral Tribunal's jurisdiction, thus concluding that the arbitration decision was without any prejudice of any additional amount that might be found due because of any fraudulent act or behaviour of Mr Giorgi or Mr Akhmerov. The Board of Directors and management will discuss the consequences of the arbitration decision with the Company's legal counsel and revert to the stock market with more information at a later stage. The Criminal proceeding in Milan is approaching its last hearings. The final rebuttal hearing for the Public Prosecutor and the civilly damaged parties is scheduled for Tuesday the 9th of April, and a final hearing is scheduled for Monday the 15th of April. It is expected that Criminal Court of Milan will publish its decision on the 15th of April, this date is, however, subject to change at the discretion of the court. For further information, please contact: Viktor E Jakobsen, CEO, phone [phone], [e-mail] About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation solar power plants. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.