OEM OEM

RNS Number:8298Y
OEM PLC
18 May 2004

                                                                     18 May 2004

                        OEM plc ("OEM" or "the Company")


Further to the announcement made on 4 May 2004, the directors of OEM announce
that they have commenced court proceedings against the estate of the late Brian
Schneider, former Chief Executive of the Company, Mrs T Schneider and others.

The Company alleges that the late Mr Schneider improperly used monies for his
own benefit causing the Company loss and is seeking to recover #3.1 million
approximately. This figure may increase.

The current court proceedings are to recover the above loss. No time scale can
yet be given as the proceedings have only just begun.

In addition a pre-action letter has been sent to the Company's Auditors, Baker
Tilly, in respect of the above losses.

As previously announced, the directors believe that the amounts in question are
material to OEM, and may affect the financial position of the Company although
the effect on the Company may depend upon the conclusion of the proceedings and
the claim against Baker Tilly.  As a consequence the Company is not in a
position to publish its interim accounts at present.

A further announcement in respect of this matter will be made in due course.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

SRSUWVBRSBRVAAR

OEM Plc (LSE:OEM)
Historical Stock Chart
From Jun 2024 to Jul 2024

OEM Plc (LSE:OEM)
Historical Stock Chart
From Jul 2023 to Jul 2024