REG - Emmerson PLC - Arbitration Memorial Submission

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RNS Number : 5509Y  Emmerson PLC  30 March 2026

Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

30 March 2026

Emmerson PLC ("Emmerson" or the "Company")

Arbitration Memorial Submission

 

Emmerson PLC, the Moroccan focused potash development company, is pleased to
provide an update on progress relating to its arbitration process against the
Kingdom of Morocco.

Further to the update provided in January 2026, Emmerson advises that its
legal representatives, Boies Schiller Flexner LLP, have submitted its Memorial
in accordance with the timetable set out by the arbitration panel.

The Memorial outlines the Company's case in full, including legal arguments
and supporting evidence. This included a claim for damages amounting to
US$1.215bn net of local taxes and including interest.

The Company was at an advanced stage of development at the time of Morocco's
breaches of its obligations under the United Kingdom-Morocco Bilateral
Investment Treaty and has employed expert quantum consultants to determine the
claim value.  This rigorous valuation process was based on studies published
by the Company, including discounted cash flow analyses, in conjunction with
the consultants' own experience and expertise in assessing such matters.

With the Memorial successfully submitted on time, the arbitration now moves to
the next phase where Morocco will have an opportunity to respond in several
months' time.

The Company will provide further updates as necessary and as far as
practicable.

Graham Clarke, CEO of Emmerson PLC commented:

"The submission of the Memorial is a significant step in the arbitration
process and I would like to thank the team for all the work that has been put
into the submission"

Background

On 30 April 2025, the Company's direct and indirect subsidiaries Khemisset UK
Ltd. and Potasse de Khemisset S.A. (the "Claimants") filed a Request for
Arbitration ("RFA") with the International Centre for Settlement of Investment
Disputes ("ICSID"). The ICSID Secretary-General registered the RFA on 23 May
2025.

The Claimants seek compensation for the loss and damage they sustained as a
result of Morocco's breaches of its obligations under the Agreement between
the Government of the United Kingdom of Great Britain and Northern Ireland and
the Government of the Kingdom of Morocco for the Promotion and Protection of
Investments (the "BIT"), including (i) Morocco's expropriation of the Project
in violation of Article 6(1) of the BIT, and (ii) Morocco's breach of its
obligations to accord the Claimants fair and equitable treatment, to provide
full protection and security to the Claimants and their investments, and to
refrain from impairing the Claimants' investments by discriminatory measures
under Article 2(2) of the BIT.

There can be no certainty as to the outcome of the Company's treaty claims.

For further information, please visit www.emmersonplc.com
(http://www.emmersonplc.com/) , follow us on Twitter (@emmerson_plc), or
contact:

 

 Emmerson Plc                                                  +44 (0)207 138 3204

 Graham Clarke / Hayden Locke

 Panmure Liberum Limited (Nominated Advisor and Joint Broker)  +44 (0)20 3100 2000

 Scott Mathieson / Jamie Anderson

 VSA Capital Limited (Joint Broker)                            +44 (0)20 3005 5000

 Andrew Monk/Andrew Raca

 

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