We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Biofutures | LSE:BIP | London | Ordinary Share | GB00B12B4T47 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.025 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBIP
RNS Number : 2870X
Biofutures International plc
13 February 2012
13 February 2012
Biofutures International plc
("Biofutures" or the "Group")
Result of Arbitration
The Group has received the results of the arbitration entered into by its subsidiary, Zurex Corporation Sdn Bhd ("Zurex"), and JJ Lurgi Engineering Sdn Bhd ("Lurgi"). The matter before arbitration was a claim by Zurex against Lurgi for RM9.89m and a counter claim by Lurgi for RM2.87m in relation to a contract dated 26 January 2007 for the supply by Lurgi of components for the construction of a biodiesel plant (the "Contract").
The arbitrator has concluded that the contract between Zurex and Lurgi was not terminated and, as a consequence, has dismissed the claims by both parties with each side paying its own costs. The directors of Biofutures are disappointed by the outcome as the Group had received legal advice that its case would be successful. The Group and its legal advisers are reviewing the decision.
Since the value of the assets under the Contract has been impaired in prior years; no provision had been recognised in respect of the claim against Zurex; and there is no direct liability arising as a consequence of this conclusion, the arbitration decision is not expected to have any material effects on the Group's results.
Enquiries:
Biofutures International plc Tel: + 603 6203 5136 Joe Wong, Chief Executive Officer www.biofuturesplc.com Daniel Stewart & Company plc Tel: + 44 (0) 20 7776 6550 Antony Legge / James Thomas (Nomad) Colin Rowbury (Broker) www.danielstewart.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTJMPTMBIBMLT
1 Year Biofutures Chart |
1 Month Biofutures Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions