ARC CAPITAL HOLDINGS LTD
15 June 2015
For Immediate Release
On 21 April 2015, ARC Capital Holdings Limited ("ARCH") (AIM: ARCH) announced that the Beijing Second Intermediate Court had rejected the HNA Group's claim to set aside the arbitral award in respect of the Jiadeli Holdback and that the Court's ruling on that matter was final.
The Board is pleased to announce that it has reached agreement with HNA Group whereby HNA Group has paid the full amount of the claim (approximately RMB 90 million) plus costs of RMB 3 million. In return, ARCH has waived the interest due under the CIETAC award of 3 June 2014.
RMB 93 million was paid by HNA Group to ARCH in China on 12 June 2015 and, after settlement of outstanding fees and expenses (including a contingency fee of approximately RMB11 million payable to ARCH's Chinese legal counsel under an agreement entered into on 10 December 2013), has resulted in ARCH receiving a net amount of RMB 81.8 million (equivalent to approximately US$ 13 million), before any taxes payable in China.
Shareholders should note that the Jiadeli Holdback had previously been written off and had a carrying value of nil in
ARCH's last reported NAV as at 30 September 2014.
For further information, please contact:
ARC Capital Holdings Limited
Alpay Ece / Sean Hurst
Tel: +44 (0)20 7845 5950
William Marle
Tel: +44 (0)20 7845 5950
John Armstrong-Denby
Tel: +44 (0)20 7845 5950
Hiroshi Funaki
Tel: +44 (0)20 7845 5960
Philip Secrett
Tel: +44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
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