Gama Aviation PLC Response to Press Coverage (9665Q)
18 September 2017 - 4:01PM
UK Regulatory
TIDMGMAA
RNS Number : 9665Q
Gama Aviation PLC
18 September 2017
18 September 2017
Gama Aviation Plc (AIM: GMAA)
Response to Press Coverage
Gama Aviation (the "Company") notes the article that appeared in
The Sunday Times this weekend regarding legal action between the
Company and Dustin Dryden, a former director of the Company, and/or
entities associated with Mr Dryden (the "Dryden Entities").
Whilst this legal action is ongoing the Company is not able to
comment on the details of the action itself but would note the
following by way of background:
1. The legal action relates to a series of claims and counter
claims filed between the parties during the period November 2016 to
February 2017.
2. In July 2017 the court ordered that these various claims be
consolidated into a single action which is now scheduled for a
hearing in June 2018.
3. The net result of the consolidation is that the aggregate
value of the respective claims between the parties is as
follows:
a) A total of c. GBP850k being claimed by the Company from the
Dryden Entities, principally in respect of unpaid trade receivables
for services rendered.
b) A total of c. GBP6.1m being claimed by the Dryden Entities
from the Company resulting from a host of allegations ranging from
failure to provide goods or services to associated losses and
damages.
4. The Directors of Gama Aviation have carefully considered the
implications for the Company of each of these claims at the time
they were made and have continued to do so on a regular basis
subsequently, including receiving advice from its solicitors and
counsel.
a) In respect of the claims made by the Company against the
Dryden Entities the amounts receivable by the Company have either
been provided for in full or are appropriately secured. The
provisions were principally made in the latest audited financial
statements for the year ended 31 December 2016. All trading
relationships with the Dryden Entities ceased at the end of 2015
with only a small amount of work in progress falling into the first
half of 2016.
b) In respect of the claims made by the Dryden Entities against
the Company, the directors concluded that no provision or
disclosure was required at the time the claim was made or at any
time subsequently.
ENDS
For further information please visit www.gamaaviation.com or
contact:
Gama Aviation Plc +44 (0) 1252 553029
Marwan Khalek, Chief Executive Officer
Kevin Godley, Chief Financial Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation
services group that specialises in providing support for
individuals, corporations and government agencies; allowing them to
deliver on the promises they make.
The Group's services are split into two divisions: Air and
Ground. Air services include aircraft management, special mission
support and charter. Ground services cover aircraft maintenance
services, aircraft modification design and installation, and Fixed
Base Operations (FBO).
More details can be found at: http://www.gamaaviation.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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