Grant Thornton to settle claim

RNS Number : 0058B

AssetCo PLC

02 October 2020

 

Friday, 2 October 2020

AssetCo plc

("AssetCo" or the "Company")

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

 

Grant Thornton to settle claim

 

 

 

AssetCo is pleased to announce that it was informed today by Grant Thornton (GT) that it does not intend to seek permission from the Supreme Court to appeal against the Judgment of the Court of Appeal handed down on 28 August 2020.

The Company is now entitled to be paid out approximately £28.6m from the monies GT previously paid into Court and to recover from GT the balance of its costs.

After receipt of these monies AssetCo will have cash balances of approximately £55m and, after settling costs and liabilities, net assets in the region of £52m.

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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