SigmaRoc wins compensation claim against Swedish state

Quarried materials group SigmaRoc announced on Wednesday that it has won its claim for compensation against the Swedish state, following a land use restriction that led to economic losses.

The AIM-traded company said the case was filed by Nordkalk on 1 April 2020, with SigmaRoc acquiring Nordkalk in August 2021.

It said the land in question was designated as environmentally protected under a ‘Natura 2000’ decision, resulting in restrictions on land use that led to economic losses.

The case was heard in the Nacka District Court, and the verdict was handed down on 14 March.

Under the terms of the verdict, SigmaRoc said it would be entitled to receive around SEK 188m (£17m) as its share of the compensation for economic losses.

That amount would be adjusted for inflation and interest until payment was made.

SigmaRoc noted that the Swedish State had the right to appeal the verdict until 4 April, with the receipt of funds subject to the outcome of any appeal that could be lodged.

“We are pleased with this news and that the Swedish Courts have recognised our economic loss,” said chief executive officer Max Vermorken.

“Should no appeal be lodged and when we are in receipt of funds we intend to use the damages awarded, if confirmed, to secure further reserves of our business in Sweden and to fast track the decarbonation of our operations.”

At 1317 GMT, shares in SigmaRoc were down 0.36% at 54.6p.

Reporting by Josh White for Sharecast.com.