SAL - Sallies Limited - Settlement of Honeywell Arbitration
SAL
SAL
SAL - Sallies Limited - Settlement of Honeywell Arbitration
Sallies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
Share code: SAL ISIN: ZAE000022588
("Sallies")
Settlement of Honeywell Arbitration
The International Chamber of Commerce International Court of Arbitration has
ruled that Sallies and its subsidiary, Witkop Fluorspar Mine (Pty) Limited,
shall pay to Honeywell International Inc ("Honeywell") an amount totalling USD
1 243 824 plus interest at 5 percent per annum since 19 January 2006 until full
payment and that each party is to bear its own legal and other costs. The
interest to date is approximately USD 200 000.
The amount originally claimed by Honeywell was USD 6 847 305 plus interest and
costs and their alternative claim was for USD 4 514 457 plus interest and costs.
Sallies has accounted for its own expense in relation to the proceedings as they
have been incurred.
Johannesburg
8 April 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 08/04/2009 09:56:02 Produced by the JSE SENS Department.
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