Market News


SANTIERUL NAVAL ORSOVA S.A. - SNO

Litigation

Release Date: 6/14/2019 4:11:19 PM

IRIS Code: 53B56

S.C. SANTIERUL NAVAL ORSOVA S.A.

 

 

To:

THE STOCK EXCHANGE BUCHAREST – Department of Operations Issuers of Regulated Markets

            FINANCIAL MONITORING AUTHORITY – Department of Financial Instruments and Investments

 

 

CURRENT REPORT

ACCORDING TO THE LAW NO. 24/2017 AND TO THE ASF REGULATION NO. 5/2018

Concerning the issuers of financial instruments and market operations

 

DATE OF THE REPORT: 14TH of June 2019

 

-          Name of the trading company: S.C. SANTIERUL NAVAL ORSOVA S.A.;

-          Registered office: 4, TUFARI Street, ORSOVA, MEHEDINTI County;

-          Telephone/fax:0252/362399 0252/360648;

-          Single registration code issued by the Trade Register: RO 1614734;

-          Registered number with the Trade Register’s Office: J25/150/03.04.1991;

-          Code Lei: 254900UXAJ8TPIKLXG79

-          Subscribed and paid in share capital: 28,557,297.5 Lei

-          Number of shares: 11.422.919 common shares, of 2,5 lei each;

-          Regulated market where the issued securities are traded: Bucharest Stock Exchange-category Standard (symbol: SNO)

 

IMPORTANT EVENT TO REPORT: litigation on the role of Rotterdam Court of Arbitration (AKD NV)

 

S. C. Naval Shipyard Orsova S.A. informs shareholders and investors that in the dispute between our company (as builder) and the Dutch company Veka Shipbuilding B.V. (as a client), on the role of Rotterdam Court of Arbitration (AKD NV), regarding our request to order the customer to pay the two BT4500 coastal vessels built and unpaid by the customer, a decision was took on our favor:

·         Obligation of the Dutch company Veka Shipbuilding B.V. for opening letters of credit (L / Cs) for the two ships at the price previously agreed by the parties;

·         In case of non-fulfilling of the decision on the opening of the L / Cs within 4 weeks of its pronouncement, the client will be bound to penalties.
 

The decision of the Rotterdam Court of Arbitration (AKD N.V.) was pronounced on June 13, 2019.

General Manager,

Eng. Mircea Ion Sperdea

 



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