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LTR: Arbitration award

Spekuliantai.lt | 2009-08-19 | NASDAQ OMX biržų naujienos | perskaitė: 1514
Raktiniai žodžiai: Luterma, LTR
LTR: Arbitration award

Luterma Company Announcement 19.08.2009

Arbitration award

On July 20, 2009 arbitrators Sven Papp and Erik Nerep made an award in AS Alta
Foods and AS Luterma dispute by which AS Luterma has to return to AS Alta Foods
6 million euros (93,9 million kroons). AS Alta Foods had made a 6 million euro
advanced payment to AS Luterma on the basis of contract concluded on 27th
February 2008 in what parties agreed that all prerequisites for completion of
transaction are fulfilled, completion of transaction is on 31st of March 2008,
AS Alta Foods makes an advanced payment of 4 million euros (62,6 million
kroons) on 29th of February 2008 to AS Luterma and on 3rd March 2008 advanced
payment of 2 million euros (31,3 million kroons) and AS Luterma has the right
to withdraw from advanced payments penalty fine and claim for the compensation
of damage. AS Alta Foods made the previously agreed advanced payment of 2
million euros on 11th February 2008 behind schedule.

On 31st March 2008 AS Alta Foods did not have the monetary funds to pay for
shares and AS Luterma gave AS Alta Foods new exercise date, 30th May 2008. On
30th May 2008 AS Alta Foods did not have monetary funds to pay for shares and
transaction was not completed. On 3rd June 2008 AS Alta Foods made a withdrawal
from the contract of sale.

According to contract of sale AS Alta Foods had the right to withdraw from the
contract in situation of force majeure (market disruption, which is witnessed
by experts in that field). According to arbitrators Sven Papp and Erik Nerep by
3rd June 2008 situation of force majeure, worldwide market disruption had been
established, wherefore AS Alta Foods had the right to withdraw from the
contract of sale. Arbitrators did not involve experts to the procedure. AS Alta
Foods involved into procedure Gild Bankers to deliver opinion, from whom AS
Alta Foods had partially loaned previously mentioned advance payment. AS
Luterma involved into arbitral procedure internationally recognized experts
Alfred Vanagsi and Hardo Pajula and based on reports of IMF and Bank of
Estonia, by whom analysis market disruption had not occurred by 3rd June 2008.
By named institutions and persons market disruption occurred on fall 2008, from
the beginning of Lehman Brothers bankruptcy.

Award requires AS Luterma to pay to AS Alta Foods 6 million euros and interest
starting from 29th of August 2008 until returning of the advanced payment, also
to pay arbitral fee in sum 216 600 euros and AS Alta Foods costs of legal
assistance in sum 157 000 euros (7000 euros of which is for“expert opinion“of
Gild Bankers).

According to award AS Alta Foods has to pay AS Luterma interest for period of
1-6 July 2008 in accordance with LOA articles 113 (1) and 94 (1).

Similar to arbitral award 13.07.2009 arbitrator professor Paul Varul maintained
a dissenting opinion in final award. Dissenting opinion is unusual in arbitral
tribunal and which to AS Luterma opinion proves that the award is
problematical. In dissenting opinion Paul Varul finds amongs other that Gild
Bankers can not be considered as independent experts.

Award does not affect AS Luterma subsidiaries everyday economic activities.

Allan Viirma
Head of Legal Services

Telephone 688 6600

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