Statement re: claim against former auditors

RNS Number : 2933J

AssetCo PLC

16 December 2015

 

AssetCo plc

("AssetCo" or the "Group" or the "Company")

Company Update

Claim against former auditors

In the Company's Half-yearly financial report released on 19 June 2015, reference was made to its claim against former auditors Grant Thornton.  This was originally lodged under the Professional Negligence Pre-action Protocol and subsequently led to a mediation hearing which took place in October 2015.  It is disappointing to report that this mediation hearing was unsuccessful.

Therefore, the Company has today issued formal Court proceedings against Grant Thornton in respect of negligent audits for the years ended 30 September 2009 and 2010.  Currently the claim losses for these periods amount to £38.0m plus interest and costs to date of £4.3m, making a current total of £42.3m.  

The Company will continue to keep shareholders updated as appropriate.

Tudor Davies, Executive Chairman

AssetCo plc

Ticker AIM: ASTO.L

London, Wednesday 16 December 2015

Enquiries:

Arden Partners plc

John Llewellyn-Lloyd/ Ciaran Walsh

Tel:[phone]

TooleyStreet Communications

Fiona Tooley

Mobile: [phone]

[e-mail]

AssetCo, is principally involved in the provision of management and resources to the fire and emergency services in the Middle East.  For further details, visit the website, www.assetco.com.

 

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