Eastern Property Holdings Limited (EPH) announces decision of Moscow court of arbitrazh
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
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Eastern Property Holdings Limited (EPH) via GlobeNewswire
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