DCC PLC
27 July 2007
IRISH SUPREME COURT JUDGMENT
DCC plc ('DCC') announces that in a judgment delivered this morning the Irish
Supreme Court allowed the appeal by Fyffes plc ('Fyffes') against the decision
of the Irish High Court delivered on 21 December 2005. That decision found in
favour of DCC, two of its subsidiaries, S&L Investments Limited and Lotus Green
Limited ('Lotus Green'), and its Chief Executive, Jim Flavin, in the case taken
against them by Fyffes under Part V of the Irish Companies Act, 1990, seeking an
account of profits arising on the sale of 31,169,493 shares in Fyffes in
February 2000 by Lotus Green, DCC's Dutch managed and controlled subsidiary.
The Supreme Court will list the matter for further directions in October 2007.
DCC expects the amount of its resulting liability will be assessed subsequently
by the High Court. DCC believes that its liability to Fyffes resulting from this
judgment will not exceed the difference between the price at which the relevant
shares were sold and the price which those shares would have realised had the
relevant information been generally known.
For the purpose of guidance to the market, DCC does not expect that its
aggregate liability, inclusive of legal costs, will exceed €50 million.
For Reference:
Jim Milton
Murray Consultants
Tel: +353 1 498 0300
+353 86 255 8400
This information is provided by RNS
The company news service from the London Stock Exchange
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