16
May 2024
Quantum
Blockchain Technologies Plc
(" QBT" or
the "Company")
First
Sipiem settlement and
Acquisition
of 30% of the claims collection rights
The
Company is pleased to announce that the first preliminary
settlement has been agreed between its wholly owned subsidiary,
Clear Leisure 2017 Limited ("CL17"), and some of the
Sipiem in Liquidazione S.r.l ("Sipiem") case
defendants.
Simultaneously,
an agreement has been reached with Sipiem's receiver ("Receiver")
to acquire its right to receive 30% of any sums collected, which
was a provision of the initial claim purchase agreement (as
announced on 10 September 2019). As a
result, all judgment debt and/or settlement funds hereafter
collected by CL17 will be entirely retained by it.
Under
the terms of the 2019 agreement, CL17
acquired the rights to certain claims against the former Sipiem
directors and members of the statutory audit committee from
Sipiem's liquidator, for €50,000 (of which €30,000 is being held in
an escrow account) plus 30% of any sums collected, net of legal and
other costs conditional on the ruling against the
defendants.
In
October 2022, the Venice Court ruled in favour of CL17 for a sum
of €6.275 million plus interest and inflation adjustment, to be
paid by the defendants (the "Judgment").
In
February 2023, all defendants
appealed the ruling and filed a request for the collection actions
by CL17 to be frozen until the outcome of the
appeal.
The
application was approved in part by the Venice Court, with the exception of the main
defendant and one former director who continue to remain subject to
enforcement of the Judgment.
More
recently, most of those Sipiem defendants who benefited from the
February 2023 court order offered
CL17 a settlement, subject to, among other things, the Receiver's
waiving pursuit of any possible civil and/or criminal claims
against them. Such settlement would involve an insurance provider
for these specific defendants
Following
negotiations between CL17 and the Receiver regarding the proposed
settlement and the potential length of time to successfully
conclude any collection actions, the Receiver has agreed, with the
approval of the Rovigo Insolvency Court Judge in charge of the
Sipiem bankruptcy case to sell to CL17 its rights reserved in the
2019 agreement, namely
30% of any
sums collected from the Sipiem matter, net of legal costs for a
fixed amount of €170,000.
As a
result, CL17 has agreed with these specific defendants currently
protected by the February 2023 court
order to settle a portion of the judgment awarded to CL17. The
settlement is for a total cash consideration of €700,000, to be
paid in two installments, respectively within 20 and 30 days from
the execution of the preliminary settlement agreement completed on
29 April 2024.
The
aforementioned €700,000 settlement further remains conditional upon
the approval by the Venice Court
of Appeal. The interested parties have already filed a joint
application with that Court for this purpose.
In the
event, however, that the Venice
Court of Appeal does not set the hearing date to approve the
settlement before its ruling on the appeal before it against the
original Judgment, the preliminary agreement will be
void.
The
remaining value of the Judgment (provided the settlement is
confirmed by the Court) is approximately €5.575 million (plus
interest and inflation adjustment). CL17 continues its efforts to
collect this amount from the remaining main defendant and the other
defendant not subject to the settlement agreement.
Francesco Gardin, Executive Chairman of QBT,
commented: "We are
very happy with the outcome of this double negotiation with the
Defendants and the Receiver, which allows us to cash in the first
tangible result of the Sipiem Litigation and now gives us the
rights to all funds recovered, namely the €700,000 of this
agreement and the balance amounting to €5.575 million plus interest
and augmentation for inflation.
This
provides us with an improved negotiating position regarding the
collection of the remaining amount due to us"
For
further information please contact:
Quantum
Blockchain Technologies Plc
Francesco Gardin, CEO and Executive Chairman
+39 335
296573
SP
Angel Corporate Finance (Nominated
Adviser & Broker)
Jeff Keating
+44 (0)20
3470 0470
Kasia Brzozowska
Leander
(Financial
PR)
Christian Taylor-Wilkinson
+44 (0)
7795 168 157
About
Quantum Blockchain Technologies Plc
QBT (AIM:
QBT) is an AIM listed investment company which has recently
realigned its strategic focus to technology related investments,
with special regard to Quantum computing, Blockchain,
Cryptocurrencies and AI sectors. The Company has commenced an
aggressive R&D and investment programme in the dynamic world of
Blockchain Technology, which includes cryptocurrency mining and
other advanced blockchain applications.
