U.S. Fund CAPPA Drops Transpetrol Interest
WASHINGTON, Dec. 11, 2011 /PRNewswire/ — CAPPA Fund III, LLC will announce on Monday, December 12, 2011 that it has divested itself of the rights to the shares of Transpetrol, a.s. that it purchased from Quick Power Plant, SE (QPP) in December 2009.
“We are frankly disappointed at having to end our venture in Slovakia,” said Mr. Stephen Richards, Managing Director of CAPPA Fund III. “We had envisioned this investment as the first of several energy investments in Slovakia, which would tie in with other projects in the region. But one of the rules for successful investing is knowing when to move assets and resources to other opportunities.”
“We are disappointed also to learn that the legal due diligence we had been presented by QPP was not complete. As we have prepared to enter arbitration proceedings, we have found some important questions unanswered.”
Mr. Garth Porter, Managing Director of CAPPA Fund III LLC, notified Mr. Milan Kozisek of Quick Power Plant, SE that CAPPA Fund III has transferred the shares back to the control of QPP. QPP has accepted the transfer. This action ends the claim of CAPPA Fund III, LLC to the disputed shares in Transpetrol.
CAPPA Fund III is preparing legal action against QPP and Milan jointly and severally, and is considering the appropriate venue and the relief that it will seek.
SOURCE CAPPA Fund III, LLC