A complex trial on the validity of a Dana Gas Islamic bond will continue on Monday in London amid an ongoing dispute between bondholders including BlackRock and the Sharjah-based company.
The case will continue despite an injunction from a UAE court preventing Dana Gas and some of its bondholders from participating.
"The trial will proceed on Monday," said the UK high court judge George Leggatt. "I will treat the defendants' counterclaim as the primary claim and will hear oral argument on behalf of BlackRock as intervenors. They will be opening the case."
Dana Gas said at the end of July it was withdrawing an offer to shareholders, which included BlackRock, the world's biggest asset manager, of its US$700 million sukuk in an ongoing dispute and would pursue a resolution of the matter through the courts.
The company said at the end of July it had actively sought consensual agreement with shareholders of the sukuk and attempted to engage directly with the Ad Hoc Committee to pursue an offer but that these attempts were rejected.
Dana Gas has been in a testy stand-off with representatives of its sukuk holders since May, when it said it would not be able to repay on time this year, and sought to negotiate a refinancing on new terms.
The most controversial aspect has been its June 13 move, seeking a Sharjah court ruling that declares its two outstanding mudarabah-type sukuk non-compliant with Sharia.
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Read more:
Dana Gas dismisses fresh restructuring proposal
Investor joy at Dana Gas settlement may be short-lived
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The chief executive of Dana Gas, Patrick Allman-Ward, in July made a direct plea to holders of its $700mn sukuk to hold talks over new financing terms.
In a scheduled open phone call, Mr Allman-Ward set out to explain why the company had its own sukuk declared non-compliant with Sharia earlier this year, why it felt that new terms, less attractive to bondholders, were justified and why Dana Gas was in a much better position now - at least in terms of its potential assets value - than when the company was forced to restructure its Sharia bond financing five years ago under the duress of a default declaration.
On July 16, Dana Gas said in a statement that a court ruling by the high court of justice in London on June 5 was favourable to it because it upheld an injunction preventing bondholders enforcing its claims. But, at the same time, the judge ordered Dana to cancel an injunction in the Sharjah court where it has been trying to have the sukuk deemed unlawful.
The years Ramadan fell in May
The%20Genius%20of%20Their%20Age
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULT
Los Angeles Galaxy 2 Manchester United 5
Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
More from Neighbourhood Watch:
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
MATCH INFO
Chelsea 0
Liverpool 2 (Mane 50', 54')
Red card: Andreas Christensen (Chelsea)
Man of the match: Sadio Mane (Liverpool)
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
THE NEW BATCH'S FOCUS SECTORS
AiFlux – renewables, oil and gas
DevisionX – manufacturing
Event Gates – security and manufacturing
Farmdar – agriculture
Farmin – smart cities
Greener Crop – agriculture
Ipera.ai – space digitisation
Lune Technologies – fibre-optics
Monak – delivery
NutzenTech – environment
Nybl – machine learning
Occicor – shelf management
Olymon Solutions – smart automation
Pivony – user-generated data
PowerDev – energy big data
Sav – finance
Searover – renewables
Swftbox – delivery
Trade Capital Partners – FinTech
Valorafutbol – sports and entertainment
Workfam – employee engagement
Company%20profile
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Company%20Profile
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The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
COMPANY%20PROFILE
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FROM%20THE%20ASHES
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Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)