Court of Appeal update

RNS Number : 4825Z

AssetCo PLC

18 September 2020

 

Friday, 18 September 2020

AssetCo plc

("AssetCo")

Providers of management and resources to the fire and emergency services in the Middle East

 

Court of Appeal update

AssetCo announces the following update in connection with its litigation case against Grant Thornton UK LLP (Grant Thornton):

The Court of Appeal today made a ruling that:

1.  Grant Thornton shall pay 75% of AssetCo's costs of the appeal, to be assessed if not agreed

2.  Grant Thornton must make a payment on account of costs of £250,000, and

3.  Grant Thornton's application for permission to appeal to the Supreme Court is dismissed along with AssetCo's application for permission to cross appeal. The Court of Appeal also rejected Grant Thornton's application that AssetCo should pay their costs of the appeal.

As a result of the Court of Appeal hearings the current estimate of the benefit to AssetCo including interest and costs is £28.45m.  This is after a reduction in the damages from £21.2m to £15.6m plus interest accrued to date of £7.6m and an interim payment of costs of £5.25m.

It is open to Grant Thornton to seek permission from the Supreme Court to appeal to the Supreme Court, and further announcements will be made in due course as appropriate.

Enquiries: AssetCo plc Tudor Davies, Chairman Tel: [phone]   [phone]

Arden Partners plc Nominated adviser and broker John Llewellyn-Lloyd/ Ciaran Walsh Tel: [phone]

TooleyStreet Communications Fiona Tooley Email: [e-mail] Mobile: [phone]

 

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