Statement re Rock Well Claim

RNS Number : 8286J

Numis Corporation PLC

06 July 2011

 



                       WEDNESDAY 6 JULY 2011 AT 7.00 AM

Numis Securities Limited ("Numis")

Numis Securities Limited ("Numis") today announces that it has reached an agreement to settle a claim brought against Numis by CQS Convertible and Quantitative Strategies Master Fund Limited, Fidelity Funds, Fidelity Institutional Funds, Fidelity Investment Funds, Oceanic Small Cap Fund and St Peter Port Capital Limited (the "Claimants").  The claim related to a private placing of shares in Rock Well Petroleum Inc. ("Rock Well") in 2007 during which Numis acted as placing agent.

The claim against Numis was in respect of a decision by Rock Well not to refer in the 2007 placing documents to a law suit that had been threatened against Rock Well by a third party.  In respect of the claim which was valued at $95m, Numis has agreed to pay $8m without any admission of liability.  The Claimants have withdrawn their claim. 

Numis and Fidelity are pleased to put an end to this distracting litigation and look forward to a continuing and mutually beneficial commercial relationship.

6 July 2011   

END

Contacts

Numis Corporation:               

Oliver Hemsley, Chief  Executive                                                           020 7260 1256
Simon Denyer, Group Finance Director & Company Secretary                 020 7260 1225

Brunswick:

Gill Ackers                                                                                            020 7396 5382

Carole Cable                                                                                         020 7396 7458

PricewaterhouseCoopers LLP (Nominated Adviser):

Simon Boadle                                                                                       020 7583 5000       

Jon Raggett                                                                                          020 7583 5000                   

 

END

 

 

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