International Oil and Gas Tech Ltd Judgment Handed Down in Litigation (8195H)
22 Maggio 2014 - 12:26PM
UK Regulatory
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.
- End -
For further information:
Investment Manager
Linton Capital LLP
David Sefton Tel: +44 (0) 20 3384 8090
dsefton@linton-capital.com
Corporate Broker
Numis Securities
Nathan Brown Tel: +44 (0) 20 7260 1426
n.brown@numis.com
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
END
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