Update Pending Litigation: Samar issues a damage claim

TIE Kinetix N.V. (“TIE Kinetix”) announces that Samar BV (“Samar”) has issued a damage claim to TIE Kinetix referring to the decision of the Court in 2010

Since December 2007, TIE Kinetix has been involved in discussions and subsequently in legal proceedings with Samar. In July 2010, the Court ordered TIE Kinetix to pay full damages to Samar, of which TIE Kinetix already paid €898,481.58. In 2012, the Court of Appeal has ordered Samar to pay back the amount of €250,000.00 plus interest. In March 2013, Samar requested for suspension of payments. In June 2013, the Court declared Samar bankrupt, which was reversed by the Court of Appeal in September 2013. At the creditors’ meeting in November 2013 the Court decided to extend suspension of payments, against which TIE Kinetix will appeal in March 2014.

TIE Kinetix has made an initial review of Samar’s additional claim amounting to €883,826.00 and is of the opinion that the claim is excessive and unfounded. Given TIE Kinetix’ counterclaims, which include unduly rental provision paid to Samar, TIE Kinetix expects that ultimately an amount will remain due by Samar to TIE Kinetix. TIE Kinetix foresees a lengthy procedure without a quick outcome. TIE Kinetix has not made any provisions related to this unfounded claim.

For further information on these proceedings, reference is made to TIE Kinetix’ previous press releases on the matter and to the summary included in the paragraph “Legal Cases – Samar B.V.”  in TIE’s 2013 Annual Report, page 60.