AssetCo PLC Grant Thornton to settle claim (0058B)
03 October 2020 - 12:51AM
UK Regulatory
TIDMASTO
RNS Number : 0058B
AssetCo PLC
02 October 2020
Friday, 2 October 2020
AssetCo plc
("AssetCo" or the "Company")
Providers of management and resources to the fire and emergency
services in the Middle East
Grant Thornton to settle claim
AssetCo is pleased to announce that it was informed today by
Grant Thornton (GT) that it does not intend to seek permission from
the Supreme Court to appeal against the Judgment of the Court of
Appeal handed down on 28 August 2020.
The Company is now entitled to be paid out approximately
GBP28.6m from the monies GT previously paid into Court and to
recover from GT the balance of its costs.
After receipt of these monies AssetCo will have cash balances of
approximately GBP55m and, after settling costs and liabilities, net
assets in the region of GBP52m.
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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END
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