Litigation Update

RNS Number : 0522R

AssetCo PLC

25 February 2019

 

Issued on behalf of AssetCo plc

Immediate Release

25 February 2019

AssetCo plc

("AssetCo" or the "Company")

Litigation Update

At a Court hearing on Friday 21 February Mr Justice Bryan dismissed Grant Thornton's application for permission to appeal, and also dismissed their counterclaim and application for relief under Section 1157 of the Companies Act 2006.

Grant Thornton was ordered to pay into Court a sum of £22.4m, plus interest of approximately £6m plus £5m on account of AssetCo's costs, on which interest will accrue at the judgment rate of 8 percent. AssetCo was also awarded its costs of the action to be assessed by the Court if not agreed.

The amounts paid into Court shall be released to AssetCo upon the refusal of Grant Thornton's application for permission to appeal by the Court of Appeal, or if permission is granted, upon the dismissal of the appeal by the Court of Appeal.

Grant Thornton has 21 days from Friday 21 February within which to file its application notice for permission to appeal with the Court of Appeal, having been refused permission at first instance by Bryan J.

Enquiries:

Tudor Davies, Chairman

AssetCo plc

Tel: [phone] Or   [phone]

Ticker AIM: ASTO.L www.assetco.com

John Llewellyn-Lloyd / Ciaran Walsh

Arden Partners plc

Tel: [phone]

Fiona Tooley

TooleyStreet Communications

Mobile: [phone]

Email: [e-mail]

 

END

 

 

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