MONTREAL, June 18, 2013 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP), the
leading producer of specialty metal and chemical products, announces
that it has entered into a full and final settlement agreement with
Florinvest SA, Heresford Ltd., Metals Corp SCRL and S.R.I.W. SA (the "Vendors"), which are all former shareholders of MCP Group SA ("MCP"), in relation with the dispute previously announced by the Corporation
on December 21, 2012.
5N Plus acquired MCP from the Vendors on April 11, 2011, from which
remained a balance of the purchase price and accrued interest of
approximately 54 million Euros. The Corporation filed a counterclaim in
arbitration proceedings against the Vendors as it estimated that the
Vendors had breached the representations and warranties of the
Acquisition Agreement. Since then, other civil proceedings were
commenced by the Corporation and the Vendors.
This full and final settlement entails: (a) a final adjustment to the
purchase price through the final payment by the Corporation of an
all-inclusive lump sum amount of 17,5 million Euros to the Vendors
(from which 15 million Euros was paid at closing with the balance to be
paid on April 9, 2014); (b) the withdrawal and cancellation of all
arbitration and civil proceedings; and (c) the granting of mutual
releases and discharges.
"We are pleased with the outcome and the complete settlement of this
dispute as it will allow our management to solely focus on the
Corporation's main objective of increasing shareholder value" said Mr.
Jacques L'Ecuyer, President and Chief Executive Officer of 5N Plus.
About 5N Plus Inc.
5N Plus is the leading producer of specialty metal and chemical
products. Fully integrated with closed‐loop recycling facilities, the
Corporation is headquartered in Montreal, Quebec, Canada and operates
manufacturing facilities and sales offices in several locations in
Europe, the Americas and Asia. 5N Plus deploys a range of proprietary
and proven technologies to produce products which are used in a number
of advanced pharmaceutical, electronic and industrial applications.
Typical products include purified metals such as bismuth, gallium,
germanium, indium, selenium and tellurium, inorganic chemicals based on
such metals and compound semiconductor wafers. Many of these are
critical precursors and key enablers in markets such as solar,
light‐emitting diodes and eco‐friendly materials.
Forward‐Looking Statements and Disclaimer
This press release may contain forward‐looking information within the
meaning of applicable securities laws. All information and statements
other than statements of historical facts contained in this press
release are forward‐looking information. Such statements and
information may be identified by words such as "about",
"approximately", "may", "believes", "expects", "will", "intends",
"should", "plans", "predicts", "potential", "projects", "anticipates",
"estimates", "continues" or similar words or the negative thereof or
other comparable terminology. Forward‐looking statements are based on
the best estimates available to 5N Plus at this time and involve known
and unknown risks, uncertainties and other factors that may cause 5N
Plus' actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward‐looking statements. A description
of the risks affecting 5N Plus' business and activities appears under
the heading "Risk and Uncertainties" of 5N Plus' 2012 MD&A dated March
28, 2013 and Note 13 of the unaudited interim condensed consolidated
financial statements for three‐month periods ended March 31, 2013 and
2012 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the
forward‐looking information in this press release will transpire or
occur, or if any of them do so, what benefits that 5N Plus will derive
therefrom. In particular, no assurance can be given as to the future
financial performance of 5N Plus. The forward‐looking information
contained in this press release is made as of the date hereof and 5N
Plus undertakes no obligation to publicly update such forward‐looking
information to reflect new information, subsequent or otherwise, unless
required by applicable securities laws. The reader is warned against
placing undue reliance on these forward‐looking statements.
SOURCE: 5n Plus Inc.
For further information:
Vice President, Legal Affairs and Corporate Secretary
5N Plus Inc.
(514) 856‐0644 x6178