|18.12.2012 - Jersey/Vienna
The Board of Directors of PI Power International Limited (?PI?) is pleased to announce that it has been informed of the decision of the arbitration panel in the ICC International Court of Arbitration proceedings brought by PI?s 100% subsidiary Stratius Investment Limited (?Stratius?) regarding the put option exercised by Stratius in respect of its shareholding in Kárpát Energo. The arbitration panel has decided in favor of Stratius, and has ordered the counterparty to pay EUR 13.2 million, plus reimbursement of costs of approximately EUR 0.4 million, and interest at 5% p.a. from 28 February 2011 until paid to Stratius. The decision is non-appealable, however this may be challenged in the Hungarian Courts.
The Board of Directors will provide further updates as and when required.