Setfortrading S.L.
Setfortrading S.L.: Setfortrading reclaims back 55% of the shares of Tamarix Noa S.L. from Norwich S.a.r.l.
Setfortrading S.L. / Key word(s): Miscellaneous Corporate News, 02.07.2014 The Board of Directors at Setfortrading S.L., Leioa, Spain, who is a 45% shareholder of Tamarix Noa S.L., has announced today that Setfortrading reclaims back 55% of the shares of Tamarix Noa S.L. from Norwich S.a.r.l. (a 74.9% subsidiary company of Metalcorp Group B.V.). The shares have to be transferred back to Setfortrading by July 3rd, 2014. Reasoning for the reclaim is the partial non-performance of Norwich in relation to the share purchase agreement of the 55% equity stake in Tamarix Noa S.L. Background information: In 2012 Setfortrading has purchased 100% of the shares of the copper recycling plant Tamarix Noa S.L. in Bilbao, Spain (former Euro Metall Recycling S.L.). In order to secure the long-term financing of the raw material and to market the finished products, Setfortrading was looking for a qualified investor which was found. For that reason Setfortrading sold 55% of the shares of Tamarix to Norwich S.a.r.l. Due to the partial non-performance of Norwich S.a.r.l. the shares are claimed back by Setfortrading until July 3rd, 2014.
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276454 02.07.2014 |