Media Reports

RNS Number : 4429G

Strat Aero PLC

05 August 2016

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

5 August 2016

Strat Aero plc ("Strat Aero", the "Company" or the "Group")

Media Reports

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, notes recent media reports regarding the previously announced legal dispute with Mr W. Hulsey Smith.  The Board would like to reiterate its previously stated position, which has been supported by the Company's legal advisers, that it has a strong claim and a robust defence against Mr. Smith.  The Company intends to continue to vigorously pursue its claims against Mr. Smith and believe his counterclaims and purported defence to be without merit and serve only to continue to undermine value in the Group.

As previously announced, the court has set a date of October 2016 for the case to be heard.  The Company will keep shareholders updated through the appropriate regulatory channels, which the Board believes is the proper outlet for the dissemination of pertinent developments relating to this dispute.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- ENDS -

For further information please visit www.strat-aero.com or contact:

Strat Aero plc	Tel: [phone]
Graham Peck (Chairman)
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Joint Broker
Stuart Gledhill Jeff Keating
Beaufort Securities Limited	Tel: [phone]
Joint Broker
Elliot Hance
Cornhill Capital Ltd
Joint Broker
Colin Rowbury	Tel: [phone]
St Brides Partners Ltd	Tel: [phone]
Financial PR Frank Buhagiar Susie Geliher

Notes

Strat Aero plc is a multi-divisional international aerospace services company, focussed primarily on the provision of complete client solutions in the Unmanned Aerial System ('UAS' market), which is predicted to show exponential growth over the coming decade.  Commercial and military applications in UASs are expected to be a dynamic growth sector in the aerospace industry over the next 10 years with the UAS market forecast to grow to more than US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013) and the global airborne Intelligence, Surveillance and Reconnaissance ('ISR') market estimated to grow to US$19.23 billion by 2023. 

 

END

 

 

MSCDMGGRFKGGVZM