Legal Proceedings Report • May 29, 2013
Legal Proceedings Report
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Louvain-la-Neuve, Belgium, May 29, 2013 - IBA (Ion Beam Applications S.A., EURONEXT), the world's leading provider of proton therapy solutions for the treatment of cancer, provides an update on the Notice of Claim notified to IBA by Rose Holdings S.à.r.l., the investment vehicle of SK Capital partners, joint owners of IBA Molecular.
The claims disclosed on November 19, 2012 alleged losses of approximately EUR 24 million, covering several issues including but not limited to regulatory affairs, decommissioning, waste management and accounting treatments. After several months of negotiations this figure has now been reduced to a disputed amount of approx. EUR 4.4 million, which is disputed by IBA but still currently being discussed in good faith between the parties.
The only material outstanding issue is related to the Nuclear Decommissioning Obligations accounting treatment in IBA Molecular proforma accounts as represented in the deal contractual documentation. The outstanding Notice of Claim has accordingly been reduced to a claimed amount of EUR 6.6 million that, if paid directly to SK Capital Partners, would represent a potential loss for IBA of EUR 4.4 million (60% of EUR 6.6 million). The remainder of the demands filed under the initial Notice of Claim has either been settled for amounts within the limits of the accruals made at year end 2012 for that purpose or have become immaterial or waived by SK Capital Partners.
Regarding the remaining outstanding disputed issue, discussions between the parties are continuing in good faith, but in any event are not anticipated by IBA to have a significant impact on its financial statement above the amounts provided for at year end 2012.
Commenting on today's announcement, Olivier Legrain, Chief Executive Officer of IBA, said: "We are pleased that we have been able to make good progress in our efforts to reach a settlement on the IBA Molecular claims. We continue to resolve the various legacy issues that were facing the Company and we are well on track to achieving our objective of focusing IBA on its core, fastgrowing business of next generation proton therapy technologies."
IBA (Ion Beam Applications S.A.), is a cancer diagnostics and treatment company and the worldwide technology leader in the field of proton therapy. The Company's expertise lies in the development of next generation proton therapy technologies and radiopharmaceuticals that provide oncology care providers with premium quality services and equipment, including IBA's leading fully integrated IntegraLab® radiopharmacy system, and Dosimetry advanced solutions for Quality Assurance of medical equipment and increased patient safety.
Headquartered in Belgium and employing more than 1,200 people worldwide, IBA currently has
installed systems across Europe and the US and is expanding into emerging markets. The Company is focused on building sustainable global growth for investors, providing solutions in the fight against cancer.
IBA is listed on the pan-European stock exchange EURONEXT. (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB) and more information can be found at: www.iba-worldwide.com
For more information, please contact
IBA Jean-Marc Bothy Chief Financial Officer Tel: +32 10 47 58 90
Thomas Ralet Vice-President Corporate Communication +32 10 475 890 [email protected]
For media and investor enquiries: M:Communications Mary-Jane Elliott, Amber Bielecka, Claire Dickinson +44 (0) 207 920 2333 [email protected]
Press release | May 29, 2013 2 | 2
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