ASTO Assetco Plc

TIDMASTO

RNS Number : 4900X

AssetCo PLC

28 August 2020

28 August 2020

AssetCo plc

("AssetCo")

Providers of management and resources to the fire and emergency services in the Middle East

Litigation update - result of Court of Appeal Hearing

AssetCo announces an update in connection with its litigation case against Grant Thornton in a judgment handed down today by the Court of Appeal (the "Court").

The Court dismissed Grant Thornton's attempt to set aside the whole award of damages granted at first instance, but disallowed a payment of GBP1.5m in respect of losses and ordered that AssetCo must give credit in respect of the July 2009 GBP7.5m share issuance. As a result of the Court's judgment, the damages awarded to AssetCo are reduced from GBP29.8m to GBP20.8m, before a 25 per cent. deduction for contributory negligence.

The current estimate of the benefit to AssetCo including interest and costs is approximately GBP25m, however the precise amounts will be determined at further court hearings in due course, together with any arguments as to grounds for an appeal to the Supreme Court.

Further announcements will be made in due course as and when appropriate.

 
 Enquiries: 
  AssetCo plc 
  Tudor Davies, Chairman 
  Tel: +44 (0) 7785 703523 
  +44 (0) 20 7614 5900 
 
 Arden Partners plc 
  Nominated adviser and broker 
  John Llewellyn-Lloyd/ Ciaran 
  Walsh 
  Tel: +44 (0) 20 7614 5900 
 
 TooleyStreet Communications 
  Fiona Tooley 
  Email: fiona@tooleystreet.com 
  Mobile: +44 (0) 7785 703523 
 

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