Update on Galaxia Arbitration Proceedings

RNS Number : 4851K

Alpha Tiger Property Trust Limited

15 July 2011

 



15 July 2011

ALPHA TIGER PROPERTY TRUST LIMITED ("ALPHA TIGER" OR THE "COMPANY")

UPDATE ON GALAXIA ARBITRATION PROCEEDINGS

As announced on 2 February 2011, Alpha Tiger recommenced arbitration proceedings against its development partner Logix Group ("Logix") in order to protect its Galaxia investment.

Following an attempt by Logix , by way of a civil suit, to dispute the validity of the recommencement of arbitration proceedings brought by Alpha Tiger, the Delhi High Court has ruled in favour of Alpha Tiger and dismissed the Logix suit.

In response to an injunction application filed by Alpha Tiger, the Delhi High Court has also passed an order restraining Logix from transferring or encumbering the Galaxia site, without leave of the Arbitral Tribunal. Further, the Court has directed Logix to make payment of instalments of outstanding lease rentals relating to the Galaxia site until the completion of the arbitration.

The Board of Alpha Tiger welcomes the ruling and will provide further updates in due course.

For further information please contact:

Alpha Tiger Property Trust Limited

David Jeffreys, Chairman, Alpha Tiger                              [phone]

Brad Bauman, Joint Fund Manager, Alpha Tiger                [phone]

Panmure Gordon, Nominated Adviser to the Company                                                                                                                                                                             

Richard Gray/Andrew Potts/Abhishek Majumdar               [phone]

Notes to editors:

About Alpha Tiger Property Trust

Further information is available at www.alphatigerpropertytrust.com

 

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