Cosalt PLC Update on Court Case (4284O)
11 October 2012 - 5:00PM
UK Regulatory
TIDMCSLT
RNS Number : 4284O
Cosalt PLC
11 October 2012
Cosalt plc
("Cosalt" or the "Company")
Update on Melville Court Case
Further to the announcement on 2 October 2012, the Company
announces that it has agreed a full and final settlement for GBP2
million of all the cases presently brought by the Company against
Calum Melville and Stuart Melville and companies associated with
them.
The settlement terms, are that GTC (a wholly owned subsidiary of
Cosalt) will be paid GBP2 million by Calum Melville, Stuart
Melville, Denmore Investments Limited and C11 Limited, of which
GBP1 million is intended to be paid by 23 October 2012 and the GBP1
million balance will be paid quarterly over an 18 month time
period.
The payments are to be secured by means of a pledge over the
entire share capital of Global Integrated Services Limited
("Global"), a company wholly controlled by the Melville family.
Under the pledge, the shares of Global shall be assigned to GTC in
security of the amounts due under the settlement. The pledge must
be delivered to GTC by 16(th) October 2012. Failure to deliver the
pledge will result in a default on the settlement at which point
all of the sums outstanding under the agreement will become
immediately payable, with interest.
In the event that payments of the amounts due are not made on
the due dates, the share pledge over the shares of Global becomes
enforceable. No transfer of the pledged shares will be allowed
until all payments have been made. The settlement has been accepted
without admission of liability.
As a consequence, theCourt of Session in Edinburgh has put the
case on hold for six months to allow the implementation of the
settlement.
Enquiries:
Cosalt plc Tel: +44 (0) 1472 725560
Trevor Sands, Chief Executive
Officer
Cardew Group Tel: +44 (0) 207 930 0777
Tim Robertson
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMBFTMBMBBIT
Cosalt (LSE:CSLT)
Historical Stock Chart
From May 2024 to Jun 2024
Cosalt (LSE:CSLT)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Cosalt (London Stock Exchange): 0 recent articles
More Cosalt News Articles