Metro Baltic Horizons PLC Settlement Agreement (4487D)
28 March 2014 - 9:13PM
UK Regulatory
TIDMMET
RNS Number : 4487D
Metro Baltic Horizons PLC
28 March 2014
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION
Metro Baltic Horizons plc (MET.L)
("Metro Baltic Horizons" or the "Company")
28 March 2014
Settlement Agreement reached
For immediate release
The board of Metro Baltic Horizons announces that the Company
has reached a settlement with former Company directors, Robin
James, Kristel Meos and Gunnar Okk (together, the "Former
Directors").
On 1 October 2012, the Company and its then subsidiaries
Pedragon Investments Limited and Goldbrick Investments Limited
issued proceedings against the Company's former advisors Tolmain
Advisory Services Limited (formerly Metro Frontier Limited), Metro
Capital Management AS, Mart Habakuk, James Kenny, Paul McGuinness,
MG Capital Limited and McGuinness Investments OU (the "Former
Advisors"), and the Former Directors in the High Court of Justice
of the Isle of Man (the "Proceedings").
The Company and the Former Directors have agreed a final
settlement in relation to the Proceedings. In entering this
settlement the Former Directors have neither admitted liability nor
wrongdoing. Under the terms of the settlement agreement, the
Company has agreed to dismiss all claims against the Former
Directors, and the Company will receive GBP2,500,000.
The Proceedings continue against the Former Advisors. The Board
will revert at the time of the Company's AGM to provide further
detail in regard of any potential distribution as well as the
continued listing of the Company.
Enquiries
MBH Holdings PLC
Ronan Reid Tel: +353 1 6333843
S. P. Angel Corporate Finance LLP
Stuart Gledhill Tel: 020 3463 2260
Further information
This announcement will be available on MBH's website
http://www.metrobaltichorizons.com/ as soon as practicable in
accordance with AIM Rule 26.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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