Metro Baltic Horizons PLC Settlement Agreement reached with former Auditors (3777G)
07 May 2014 - 12:15AM
UK Regulatory
TIDMMET
RNS Number : 3777G
Metro Baltic Horizons PLC
06 May 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")
6 May 2014
Settlement Agreement reached
For immediate release
The board of Metro Baltic Horizons announces that the Company
has reached a settlement with its former auditors, Ernst &
Young LLC.
The Company and Ernst & Young LLC (EY Isle of Man) have
agreed terms for the settlement of proceedings issued by EY Isle of
Man against the Company on 4 July 2012 in the High Court of Justice
of the Isle of Man, and the Company's counterclaim against EY Isle
of Man in those proceedings (the "Proceedings").
Under the terms of the settlement agreement, the Company and EY
Isle of Man have agreed to settle their respective claims, and the
Company will receive GBP425,000. In entering into this settlement
agreement, neither EY Isle of Man nor the Company have admitted
liability or wrongdoing.
The Board will revert by the time of the Company's AGM to
provide further detail in regard of any potential distribution and
indeed the continued listing of the Company.
Enquiries
Metro Baltic Horizons 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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