TIDMCHL
RNS Number : 7700S
Churchill Mining plc
23 December 2016
23 December 2016
AIM: CHL
CHURCHILL MINING PLC
("Churchill" or "the Company")
UPDATE
Further to the announcement of 7 December 2016, the Directors of
Churchill Mining plc (AIM:CHL) advise that they are continuing to
work with their solicitors Clifford Chance LLP on a detailed
analysis of the award and a review of potential grounds to seek
revision and / or annulment of this award pursuant to Section 5 of
the ICSID Convention.
The provisions of Section 5 of the ICSID Convention are set out
below:
Section 5
Interpretation, Revision and Annulment of the Award
Article 50
(1) If any dispute shall arise between the parties as to the
meaning or scope of an award, either party may request
interpretation of the award by an application in writing addressed
to the Secretary-General.
(2) The request shall, if possible, be submitted to the Tribunal
which rendered the award. If this shall not be possible, a new
Tribunal shall be constituted in accordance with Section 2 of this
Chapter. The Tribunal may, if it considers that the circumstances
so require, stay enforcement of the award pending its decision.
Article 51
(1) Either party may request revision of the award by an
application in writing addressed to the Secretary-General on the
ground of discovery of some fact of such a nature as decisively to
affect the award, provided that when the award was rendered that
fact was unknown to the Tribunal and to the applicant and that the
applicant's ignorance of that fact was not due to negligence.
(2) The application shall be made within 90 days after the
discovery of such fact and in any event within three years after
the date on which the award was rendered.
(3) The request shall, if possible, be submitted to the Tribunal
which rendered the award. If this shall not be possible, a new
Tribunal shall be constituted in accordance with Section 2 of this
Chapter.
(4) The Tribunal may, if it considers that the circumstances so
require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his
application, enforcement shall be stayed provisionally until the
Tribunal rules on such request.
Article 52
(1) Either party may request annulment of the award by an
application in writing addressed to the Secretary-General on one or
more of the following grounds:
(a) that the Tribunal was not properly constituted;
(b) that the Tribunal has manifestly exceeded its powers;
(c) that there was corruption on the part of a member of the
Tribunal;
(d) that there has been a serious departure from a fundamental
rule of procedure; or
(e) that the award has failed to state the reasons on which it
is based.
(2) The application shall be made within 120 days after the date
on which the award was rendered except that when annulment is
requested on the ground of corruption such application shall be
made within 120 days after discovery of the corruption and in any
event within three years after the date on which the award was
rendered.
(3) On receipt of the request the Chairman shall forthwith
appoint from the Panel of Arbitrators an ad hoc Committee of three
persons. None of the members of the Committee shall have been a
member of the Tribunal which rendered the award, shall be of the
same nationality as any such member, shall be a national of the
State party to the dispute or of the State whose national is a
party to the dispute, shall have been designated to the Panel of
Arbitrators by either of those States, or shall have acted as a
conciliator in the same dispute. The Committee shall have the
authority to annul the award or any part thereof on any of the
grounds set forth in paragraph (1).
(4) The provisions of Articles 41-45, 48, 49, 53 and 54, and of
Chapters VI and VII shall apply mutatis mutandis to proceedings
before the Committee.
(5) The Committee may, if it considers that the circumstances so
require, stay enforcement of the award pending its decision. If the
applicant requests a stay of enforcement of the award in his
application, enforcement shall be stayed provisionally until the
Committee rules on such request.
(6) If the award is annulled the dispute shall, at the request
of either party, be submitted to a new Tribunal constituted in
accordance with Section 2 of this Chapter.
The timing deadlines for the lodgement of any applications by
Churchill are accordingly as follows:
1 Article 51 (i) 90 days after discovery of a significant
new fact; or
(ii) no later than 3 years from date of
the Award (6 Dec 2019).
2 Article 52 (i) 120 days from date of award (6 April
2017); or
(ii) in the event where annulment is requested
on the ground of corruption, the application
must be made within 120 days after discovery
of the corruption; or
(iii) no later than 3 years from the date
of the Award (6 Dec 2019).
The Company expects to be able to finalize its position in
regard to seeking revision and / or annulment of this Award by 31
January 2017.
As part of any application to revise and / or annul this Award,
Churchill would also seek a provisional stay of the costs orders
that have been made.
The suspension in trading of the Company's shares on AIM will
continue to remain in place pending clarification of the Company's
financial position which can only be assessed in light of the
Directors' decision on the filing of a revision and / or annulment
application and the subsequent position on the USD 9.4m costs
order.
Churchill Chairman David Quinlivan said "we remain troubled by
many aspects of this Award."
This announcement contains inside information for the purposes
of Article 7 of EU Market Abuse Regulation 596/2014.
ENDS
For further information, please contact:
Churchill Mining plc Northland Capital Partners Limited
David Quinlivan Nominated adviser
Nicholas Smith Edward Hutton/William Vandyk/Gerry
Russell Hardwick Beaney
Broking
John Howes
+ 61 8 6380 9670
+44 (0)20 3861 6625
This information is provided by RNS
The company news service from the London Stock Exchange
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