REG - Emmerson PLC - Request for Arbitration

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RNS Number : 0138H  Emmerson PLC  01 May 2025

Emmerson Plc / Ticker: EML / Index: LSE / Sector: Mining

 

1 May 2025

Emmerson PLC

("Emmerson" or the "Company")

Emmerson Submits Request for Arbitration

Emmerson Plc, the Moroccan focused potash development company, is pleased to
provide an update on the dispute with the Kingdom of Morocco in relation to
the Khemisset Potash Project in Morocco (the "Project").

·   A Request for Arbitration (RFA) has been submitted to the
International Centre for Settlement of Investment Disputes (ICSID), an arm of
the World Bank with regard to various breaches, by the Government of the
Kingdom of Morocco and its Agents, of 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, which
was signed on 30 October 1990 and entered into force on 14 February 2002 (the
"BIT").

·    Emmerson is bringing a claim for full compensation in respect of the
Khemisset Potash Project which it had internally valued at $2.2 billion.

·    All the legal costs in relation to the matter as well as a
significant portion of G&A costs are to be funded through the $11.2
million litigation funding facility confirmed in January 2025.

·   Emmerson, through the Company's legal advisors Boies Schiller Flexner
(BSF), are working on the formation of the arbitral tribunal and preparing a
formal Memorial submission.

The Request for Arbitration and Next Steps

The lodging of the RFA with ICSID is the first formal step in the arbitration
process.

Once the RFA is received by ICSID, copies are to be sent to all relevant
parties in the case, being the appropriate people within the Government of the
Kingdom of Morocco.

The RFA itself is a document that lays out the general background and details
of the case in relation to Morocco's expropriation of the Project. In due
course, the Company will make further announcements concerning the
constitution of the arbitral tribunal, the filing of written submissions,
including a substantiated damages figure, and the evidentiary hearing, which
the Company understands will take approximately two years from the submission
of the RFA.

Graham Clarke, Managing Director of Emmerson PLC commented:

"The completion and lodgement of the RFA with ICSID is a significant step and
marks the formal commencement of the litigation process. The Company is
working closely with our lawyers at BSF and as a group we remain confident in
the merits of this case. We look forward to providing further updates in due
course".

 

**ENDS**

 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 Adviser and Broker)         +44 (0) 20 3100 2000

 Scott Mathieson / Will King

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014.

 

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