Eden Energy (ASX:EDE) has interests in carbon nanotube & carbon fibre production, hydrogen production, storage & transport fuel systems, including the low emission Hythane hydrogen-methane blend, coal bed methane and shale gas in the UK and conventional gas in South Australia.
Eden Energy closes litigation chapter
Tuesday, October 08, 2013
Eden will pay to LJCI the sum of US$325,000, less than than the claim
(ASX: EDE) will close a chapter, moving on from litigation with La Jolla Cove Investors that dated back to June 2012.
Eden will pay to LJCI the sum of US$325,000 (A$347,519 at USD/AUD exchange rate on 7 October 2013) in full and final settlement of all claims of LJCI.
This was for a claim of US$566,156 (A$608,592) (comprising a principal sum of US$536,071 plus interest since June 2012 of US$30,085) plus costs and damages.
Eden had created a liability for the claim of A$527,545 in its annual accounts to 30 June 2013.
With this, Eden said it brings to an end "various disputes in which Eden became engaged in the period" following the global financial crisis in September 2008.
Recently, Eden executed a conditional agreement to sell its entire UK coal seam gas and shale gas portfolio to UK unlisted public company Shale Energy PLC for ?11.47 million (A$19.3million), bringing in significant cash reserves.
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