Trinity Mirror PLC Update in relation to phone hacking (9034N)
21 May 2015 - 8:09PM
UK Regulatory
TIDMTNI
RNS Number : 9034N
Trinity Mirror PLC
21 May 2015
Trinity Mirror plc
21 May 2015
Update in relation to phone hacking
We note the judgment released today by Mr Justice Mann following
the conclusion of the civil trial for the assessment of damages for
8 representative claimants arising from phone hacking. Our
subsidiary MGN Limited has already accepted that it should pay
appropriate compensation to individuals who were the target of
phone hacking. However, our initial view of the lengthy judgment is
that the basis used for calculating damages is incorrect and we are
therefore considering whether to seek permission to appeal.
There remains uncertainty as to how matters will progress. As
the legal process has taken longer and the costs of settling claims
is likely to be higher than previously anticipated we are
increasing our provision to deal with matters arising from phone
hacking by GBP16 million. This is in addition to the GBP12 million
provided in 2014.
The Board is confident that the exposures arising from these
historic events are manageable and do not undermine the delivery of
the Group's strategy for growth.
Further updates will be made if there are any significant
developments or our estimate of the financial exposure was to
materially change.
Enquiries
Trinity Mirror
Simon Fox, Chief Executive
Vijay Vaghela, Group Finance Director
Elizabeth Holloway, Corporate Communications 020 7293 3553
Brunswick
Mike Smith 020 7404 5959
Jon Drage
This information is provided by RNS
The company news service from the London Stock Exchange
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