Coats Holdings Limited

RNS Number : 3712F

Guinness Peat Group PLC

21 April 2011

 



GUINNESS PEAT GROUP PLC

ANNOUNCEMENT

In September 2007 Guinness Peat Group plc ("GPG") announced a decision made by the European Commission which had found, amongst other things, that between January 1977 and July 1998 Coats Holdings Limited ("Coats") and William Prym GmbH & Co. KG had reached an alleged market-sharing agreement in the haberdashery sector and imposed a fine of €110.25 million on Coats. Coats has always vigorously disputed both the factual allegations and the amount of the fine. It lodged an appeal with the EU's General Court on 3 December 2007 to annul the decision and, in the alternative, to annul or reduce the fine.

The written pleadings have now closed and the General Court has fixed a date for an oral hearing on 24 May 2011. GPG is advised that judgment is expected within one year from the date of the oral hearing.

Enquiry details are:
New Zealand media:	Geoff Senescall on:	[phone]
Australian media:	Andrew Stokes on:	[phone]
UK media:	Kevin Smith on:	[phone]

Chris Healy

Company Secretary

Guinness Peat Group plc

Tel: [phone]

21 April 2011

 

END

 

 

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