Goldplat and Rand Refinery ink MOU for dispute settlement
Source - SMW
Goldplat and Rand Refinery have signed a memorandum of understanding regarding a proposed full and final settlement agreement of their dispute.
Goldplat said the MOU contained terms agreed to for inclusion in a settlement agreement, including agreement on an undisclosed amount to be paid by Rand Refinery to GPL in full and final settlement of the dispute.
It is intended that the settlement be made the award in the ongoing arbitration process.
Goldplat said further details would be provided once the settlement agreement has been signed.
Chief executive Gerard Kisbey-Green said: 'We are very pleased to have been able to progress discussions with Rand Refinery to this point and to have agreed terms for a settlement of the dispute.
'While the proposed amount is less than the full amount claimed by us, we believe that the proposed settlement and expected consequent expeditious conclusion of the arbitration process will not only alleviate the time and costs of the agreed legal process and free up valuable management time, but it also will allow business between the two parties to resume on the basis of a fresh start with renewed energy and focus in all areas to further strengthen and build the long standing relationship that exists between the two companies.'
At 9:06am: (LON:GDP) Goldplat PLC share price was 0p at 7.88p