DCC PLC
07 April 2006
DCC confident that Fyffes has no good grounds for the appeal
of its failed legal action
Fyffes plc has announced that it intends to lodge an appeal to the Irish Supreme
Court seeking to overturn the decision of the Irish High Court in its failed
legal action against DCC plc and Others taken under Part V of the Irish
Companies Act, 1990. That action was dismissed on the grounds that the
defendants were not in possession of price sensitive information in February
2000 as alleged by Fyffes.
The Board of DCC viewed Fyffes' original decision to commence proceedings in
January 2002 with incredulity. It issued a comprehensive Stock Exchange
announcement on 24 January 2002 in order to express its clear view to the market
that the action by Fyffes was wholly unjustified, totally inconsistent with
Fyffes' own statements and conduct at the relevant time and utterly without
merit. The correctness of the Board's view that the defendants were not in
possession of price sensitive information as alleged by Fyffes was fully borne
out by the High Court decision of 21 December 2005 and is encapsulated in the
judge's comment that 'that outcome on the price sensitivity issue obviates the
necessity to confront the fundamental incongruity in the plaintiff's position,
which I have highlighted earlier'.
The Board of DCC is even more surprised at Fyffes' decision to further pursue
this matter by lodging an appeal to the Supreme Court against the High Court
Judgment. The Appeal will be challenged vigorously and comprehensively. DCC is
confident that there are no good grounds of appeal and that the detailed and
considered decision of the High Court will be upheld.
For reference:
Jim Milton, Murray Consultants
Tel. +353 1 4980300
+353 86 2558400
Conor Murphy, Investor Relations Manager, DCC
Tel. +353 1 2799400
Email: investorrelations@dcc.ie
For further information on DCC: www.dcc.ie
This information is provided by RNS
The company news service from the London Stock Exchange
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