Reference is made to the stock exchange notice dated 11 February 2020.
The enforcement proceedings against Fevamotinico S.à r.l ("Fevamotinico") for the claim awarded to BOA IMR AS ("BOA IMR") by an arbitration award of 5 October 2017, including legal costs, was settled in a consent order before Master Davidson in England (commercial courts).
Following the consent order, Ferrexpo Plc ("Ferrexpo") (a company from which Fevamotinico S.à r.l was entitled to a dividend payment exceeding the awarded claim) will pay to BOA IMR the sum of £12,688,747.30 on or before 13 August 2020.
On 6 August 2020, BOA IMR was served with a request for interlocutory measures from Calexco S.à r.l ("Calexco"), a shareholder in BOA IMR holding 36.96% of the shares.
Calexco claims to have a right over the funds paid by Ferrexpo Plc, as Calexco has rescinded the Investment Agreement between Calexco and BOA Offshore AS ("BOA Offshore") regarding their investment in BOA IMR, an Investment Agreement that granted BOA Offshore a right to receive all the funds. BOA Offshore has objected against the rescission and claims that the Investment Agreement is still valid and binding. In the request for interlocutory measures Calexco requests Sør-Trøndelag District Court to order that BOA IMR shall not have a right to dispose over the funds paid by Ferrexpo Plc and/or Fevamotinico S.à r.l before a final and enforceable judgment regarding the validity of Calexco rescission has been decided. Further, necessary corporate resolutions in BOA IMR must have been made.
BOA IMR will dispute the request for an interlocutory measure in a hearing before Sør-Trøndelag District Court scheduled to be held on 11 August 2020.
For further information, please contact: Helge Kvalvik, CEO: Tel +47 97 97 97 72