Litigation update: Result-Court of Appeal Hearing

RNS Number : 4900X

AssetCo PLC

28 August 2020

 

28 August 2020

AssetCo plc

("AssetCo")

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

 

Litigation update - result of Court of Appeal Hearing

AssetCo   announces an update in connection with its litigation case against Grant Thornton in a judgment handed down today by the Court of Appeal (the "Court").

The Court dismissed Grant Thornton's attempt to set aside the whole award of damages granted at first instance, but disallowed a payment of £1.5m in respect of losses and ordered that AssetCo must give credit in respect of the July 2009 £7.5m share issuance.  As a result of the Court's judgment, the damages awarded to AssetCo are reduced from £29.8m to £20.8m, before a 25 per cent. deduction for contributory negligence.  

The current estimate of the benefit to AssetCo including interest and costs is approximately £25m, however the precise amounts will be determined at further court hearings in due course, together with any arguments as to grounds for an appeal to the Supreme Court.

Further announcements will be made in due course as and when 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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