IQE provides an update regarding an ongoing confidential legal dispute. The matter has been referenced previously in IQE’s 2018 Annual Report where the associated legal costs were disclosed as an exceptional cost.
An arbitration hearing relating to this matter was held in September 2019 and the Parties were recently notified of the decision. We can now confirm that, whilst the specific findings of the Arbitral Tribunal remain confidential, the Tribunal’s award was entirely in IQE’s favour.
In a related Court process, in which the counterparty has stated it is considering appealing the award, the case is not yet fully resolved. This means that, whilst IQE can maintain its position that the eventual outcome will not be adverse, any potential positive impacts cannot currently be estimated.