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Worthington Group (WRN)

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Wednesday 24 April, 2013

Worthington Group

Conditional Fee Agreement

RNS Number : 1555D
Worthington Group PLC
24 April 2013

Worthington Group Plc

24th April 2013


Worthington Group Plc (the "Company") - Conditional Fee Agreement


Conditional Fee Agreement


The Company is pleased to announce that Law Financial Ltd ("Law Financial"), its 26% owned associate, has now entered into a Conditional Fee Agreement in relation to claims that Law Financial, through its subsidiary Sevco 5088 Ltd and separately, has to all of the business and assets of The Rangers Football Club ("Rangers") which were purchased from the Administrators of  RFC 2012 Plc by Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012.


The principle terms of the Conditional Fee Agreement are as follows:


Solicitors and Leading Counsel acting for Law Financial will share 7.5% of the recently issued and to be issued unsecured convertible loan stock and up to 18.5% of any successful claim in relation to the business and assets of Rangers.


The Company notes the announcement made on 22 April 2013 by Rangers International Football Club Plc ("RIFC") in which, contrary to other recent public announcements and statements by Mr Green and RIFC, RIFC now, five months after the publication of the Admission Document published for its flotation, claim to own Sevco 5088 Ltd. 


We also note today's announcement by RIFC, and would like to confirm that solicitors, acting for the Company and Law Financial, are in a position to provide compelling evidence that Messrs Green and Ahmad received a letter before claim in December 2012, having received previous correspondence, and chose to ignore it.


In the light of recent public admissions by Mr Green, including his admission that he and Mr Ahmad deceived Mr Whyte, a fresh letter before claim is being prepared against, inter alios, The Rangers Football Club Ltd and Messrs Green and Ahmad. This letter will include additional or alternative causes of action to those already particularised in the December 2012 letter.


The shares in RIFC purportedly owned by Messrs Green and Ahmad will also be the subject of this claim.


During the course of the Company's due diligence process, relating to its purchase of a stake in Law Financial, information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office.  


Douglas Ware, CEO Worthington Group Plc: [email protected]

Anne Alesbury, PD Cosec Limited,

Company Secretary, Worthington Group Plc on 0208 940 0963

This information is provided by RNS
The company news service from the London Stock Exchange

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