- Cadogan Petroleum has won its High Court battle with Global Process Systems and been awarded just over $21m, inclusive of interest, to be paid by 4 March.

In the event of late payment, interest will accrue at a rate of 8% per annum equivalent to approximately $4,600 per day.

GPS's counterclaim for the sum of approximately $7,500,000 was dismissed.

At the request of the company, a decision by the court on further damages estimated at approximately up to $10,500,000 has been adjourned pending sale of the plants.

In the meantime the company continues to retain legal title to the plants and will allow GPS to continue marketing these on a non-exclusive basis.

GPS has also been ordered to pay the company's legal costs relating to the Judgment Debt and 50% of the costs of trial.

All other costs issues are reserved to the resumption of the adjourned hearing for the balance of damages.

Mr Justice Eder turned down the application of GPS for permission to appeal his judgment. GPS could renew its application for permission to appeal with the Court of Appeal.

Cadogan chief executive Bertrand des Pallieres said: "We are delighted with this judgment in our favour, reflecting what the Company had asked for.

"This issue has soaked up a substantial amount of management time since it began but the positive outcome makes it worthwhile. We expect this will allow us to put significant additional resources to work in our core business."

At 1:06pm: [LON:CAD] share price was +3.01p at 14.63p

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