Sipiem Court Ruling Update
Summary by AI BETAClose X
3 July 2026
Quantum Blockchain Technologies plc
("QBT" or the "Company")
Update on Sipiem Funds Recovery - Favourable Court Ruling
Quantum Blockchain Technologies plc (AIM: QBT), the AIM-listed investment company, is pleased to provide a further update on the recovery actions being pursued by its wholly owned subsidiary, Clear Leisure 2017 Limited ("CL2017"), in relation to the judgment obtained against a defendant in the Sipiem in Liquidazione S.r.l. ("Sipiem") matter.
Further to the Company's announcement of 19 March 2026, in which it informed shareholders that the Sipiem defendant had challenged the validity of the enforcement proceedings over a third real estate asset and that the matter was awaiting a ruling from the Court of Biella, the Company is pleased to announce that the Court has dismissed in its entirety the defendant's appeal.
The dismissal confirms the validity of the real estate enforcement proceedings (pignoramento immobiliare) commenced by CL2017 over the property, thereby allowing the judicial sale process to resume.
The property has been independently valued by the court-appointed surveyor at approximately €272,600. This would represent a further potentially significant asset available towards the recovery of the amounts awarded to CL2017. The court-ordered auction of the property has been set for 21 October 2026 with a minimum offer price of €204,450.
The Court also ordered the defendants, jointly and severally, to reimburse CL2017's legal costs incurred in obtaining the dismissal in the amount of €5,800, plus applicable statutory additions.
The defendants may appeal the judgment by 29 July 2026. In the meantime, CL2017 has already served notice of the judgment on the defendants and, unless the legal costs awarded are paid voluntarily, intends to commence enforcement proceedings for their recovery.
This ruling removes a significant procedural challenge to the enforcement process and enables CL2017 to continue with the judicial sale process relating to this property, pursuant to the Order for Sale issued by the Court of Biella on 18 March 2026.
CL2017 continues to pursue all available enforcement actions arising from the final judgment of the Venice Court of Appeal, under which it was awarded damages in excess of €6 million, plus applicable interest compensation for inflationary loss over time and and legal costs.
With regard to the other two property assets, both of which were included in the Defendant's `court supervised liquidation' ("procedura di liquidazione controllata") last mentioned in the announcement of 10 April 2026, the procedure is progressing as previously described. The next step is for the liquidator to announce the timetable for the sale process relating to these two properties.
Francesco Gardin, CEO and Executive Chairman of QBT, commented:
"We are extremely pleased with this decision of the Court of Biella, which confirms the validity of the enforcement proceedings over this third property asset. This removes a significant procedural obstacle and represents another important step in our strategy to recover the sums awarded to CL2017. We remain committed to pursuing all available legal remedies until the judgment debt has been recovered."
This announcement contains inside information for the purposes of Article 7 of the UK Market Abuse Regulation and is disclosed in accordance with the Company's obligations under Article 17 thereof.
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For further information please contact:
Quantum Blockchain Technologies Plc +39 335 296573
Francesco Gardin, CEO and Executive Chairman
SP Angel Corporate Finance (Nominated Adviser & Broker) +44 (0) 20 3470 0470
Caroline Rowe / Devik Mehta
Leander (Financial PR) +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Quantum Blockchain Technologies Plc
QBT (AIM: QBT) is a London Stock Exchange AIM listed Research & Development and investing company focused on an intensive R&D programme to disrupt the Blockchain Technologies sector which includes, cryptocurrency mining and other advanced blockchain applications. The primary goal of the R&D programme is to develop Bitcoin mining tools and techniques, via its technology-driven approach, which the Company believes will significantly outperform existing market practices.
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