Eastern Property Holdings Limited (EPH) announces decision of Moscow court of arbitrazh
(Thomson Reuters ONE) -
Eastern Property Holdings Limited (EPH) /
Eastern Property Holdings Limited (EPH) announces decision of Moscow court of
arbitrazh
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
30 December 2015, Road Town, Tortola, BVI
Eastern Property Holdings Ltd announces decision of Moscow court of arbitrazh
Please be informed that yesterday the Moscow court of artibtrazh ruled the
following FX rates to apply for payments in rubles to be made under the lease
agreement of the Hermitage Plaza Building between a major lessee and a group
entity of Eastern Property Holdings Ltd.:
(i) 30 rubles per U.S. dollar if official exchange rate is less than 30 rubles;
(ii) official exchange rate if it is in between 30 and 42 rubles; and
(iii) 42 rubles per U.S. dollar if official exchange rate is higher than 42
rubles.
According to the lease agreement the lease amount is fixed in USD but shall be
paid in rubles at the applicable FX rates.
Please note that the court resolution does not have an immediate effect, and
therefore, has not entered into legal force yet. Under Russian law, Eastern
Property Holdings Ltd has 30 days to explore appeal options. This term shall
commence after the full text of the court resolution is produced.
Furthermore, as described on page 79 of the annual report 2014 there exists a
contingent consideration which is payable by Eastern Property Holdings Ltd. to
the former owner of the Hermitage Plaza Building in December 2016 but depends on
the performance of the acquired property Hermitage Plaza Building.
Any possible economic effect could be realized only after the decision of the
court of appeal takes effect.
This announcement is for information purposes only and does not constitute an
invitation or offer to acquire, purchase or subscribe for the securities of the
company.
This announcement does not constitute an offer to sell or the solicitation of an
offer to buy any securities in the United States or any other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. The shares
of the company have not been registered under the U.S. Securities Act and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the U.S. Securities Act. No
public offering will be made outside of Switzerland, including the United
States.
Eastern Property Holdings Ltd. is an investment company listed on SIX Swiss
Exchange which holds interest in office, residential and retail properties. EPH
is managed by Valartis International Ltd. a wholly-owned subsidiary of Valartis
Group AG.
Additional information on Eastern Property Holdings is available by contacting
Anna Bernhart Tel: +41 44 503 5400.
EPH announces decision of of Moscow court of arbitrazh:
http://hugin.info/139905/R/1976219/723266.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Eastern Property Holdings Limited (EPH) via GlobeNewswire
[HUG#1976219]
Unternehmensinformation / Kurzprofil:
Datum: 30.12.2015 - 19:30 Uhr
Sprache: Deutsch
News-ID 441917
Anzahl Zeichen: 3989
contact information:
Town:
Geneva
Kategorie:
Business News
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