International Oil and Gas Tech Ltd Judgment Handed Down in Litigation (8195H)

TIDMOGT

RNS Number : 8195H

International Oil and Gas Tech Ltd

22 May 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

22 May 2014

International Oil and Gas Technology Limited

("IOGT" or the "Company")

Judgment Handed Down in Litigation

International Oil and Gas Technology Limited announces that judgment has today been handed down in the English Commercial Court in respect of proceedings commenced in January 2012 by QOGT Inc (QOGT). These legal proceedings were taken against the Company for alleged wrongful termination in July 2010 of the investment management and advisory agreement (the IMAA) by which QOGT and Quorum European Partners LLP were engaged as joint investment managers of the Fund. This has been the subject of numerous previous announcements as the case has proceeded through the Court process.

The Judgment has determined that QOGT's claim against the Company failed in its entirety. It finds that the Company was entitled to terminate the IMAA because the Investment Managers were in material breach of their obligations to provide the investment management services jointly. It further determines that the independent directors of the Company had responded "diligently and meticulously" in managing the dispute between the investment managers in the best interests of the Fund. The counterclaim, which the Company pursued against QOGT as a purely defensive measure, was dismissed. QOGT has been ordered to pay the Company's costs in defending the claim and conversely the Company will pay QOGT's costs of defending the counterclaim. Costs common to the claim and counterclaim are to be paid by QOGT. A further application will be made to Court to resolve the issues of costs allocation and any interim payment to be made on account of costs. No leave to appeal was sought by QOGT.

The robust judgment confirms the Company's view and advice it has consistently received from its legal advisors that the proceedings brought by QOGT were wholly without merit and that QOGT was wrong to pursue this claim.

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For further information:

 
 
  Investment Manager 
Linton Capital LLP 
David Sefton                Tel: [phone] 
[e-mail] 
 
 
 
  Corporate Broker 
Numis Securities 
Nathan Brown        Tel: [phone] 
[e-mail] 
 

Notes to editors:

International Oil and Gas Technology Limited

International Oil and Gas Technology Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange on 7 January 2008. Its stock market EPIC is OGT.L.

Further information can be found at www.international-ogt.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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