Safestyle UK PLC Update: Filing of Legal Claim & Directorate Change (4473P)
29 May 2018 - 4:01PM
UK Regulatory
TIDMSFE
RNS Number : 4473P
Safestyle UK PLC
29 May 2018
29 May 2018
Safestyle UK PLC
("Safestyle" or the "Group")
Update on Filing of Legal Claim
and Directorate Change
Update on Filing of Legal Claim
Further to the announcement on 21 May 2018 and following a court
hearing on 25 May 2018, Safestyle UK PLC provides an update having
issued a claim seeking injunctive relief and damages against NIAMAC
Developments Ltd (trading as Safeglaze UK) and a number of named
individuals. The claim was made in the Business and Property Courts
of England & Wales, on the Intellectual Property list.
The claim asks the Court to determine whether Safestyle is
entitled to injunctive relief and damages from what the Group
considers to be passing off, the misuse of confidential
information, unlawful means conspiracy and malicious falsehood.
Safestyle also applied for urgent interim relief, pending the
trial of this matter. The first hearing of that application took
place on 25 May 2018.
At the hearing, the Court made a number of Orders against
Safeglaze UK and certain named individuals. Those Orders have been
made on an interim basis, pending further order or final order of
the Court. They include a number of injunctive orders preventing
Safeglaze UK and certain named individuals from undertaking various
actions, and an order requiring them to provide specified documents
to Safestyle UK PLC.
A further hearing concerning outstanding matters raised in
Safestyle UK PLC's application for interim injunctive relief will
be heard during the week commencing 9 July 2018.
Directorate Change
Safestyle also announces the resignation of Chairman Peter
Richardson with immediate effect. Peter assumed the role of Chair
at short notice but it has become clear that the specific
challenges currently facing the business and the time commitment
required are beyond what he envisaged. The Board will now seek a
replacement Chairman with the requisite time, experience and
turnaround skills. Chris Davies, current Senior Non Executive
Director and former CEO of SIG PLC will lead the search process for
a successor.
Chris Davies, Senior Non Executive Director of Safestyle UK PLC,
commented:
"I would like to take this opportunity, on behalf of the Board,
to thank Peter for his time and efforts since joining Safestyle in
July 2016. Peter recently stepped into the Chairman role at short
notice and has devoted a significant amount of time to support the
business. He made a strong contribution to the Board during what
has been a challenging time and we wish him luck in his future
endeavours.
"We are pleased with the outcome of the hearing and, although we
are disappointed to see Peter go, the Board now has the opportunity
to appoint a Chairman with the requisite time, experience and
turnaround skills at what is a timely juncture. The incoming
Chairman will, amongst other responsibilities, lead the process of
reinforcing the Board with a new contingent of NEDs to complement
existing skillsets.
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Enquiries:
Safestyle UK plc via FTI Consulting
Mike Gallacher, Chief Executive
Officer
Zeus Capital (Nominated Adviser Tel: 0203 829
& Joint Broker) 5000
Nick How / Dominic King / Richard
Short
Liberum Capital Limited (Joint Tel: 0203 100
Broker) 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727
Alex Beagley / James Styles 1000
/ Laura Saraby
About Safestyle UK plc
The Group is the leading retailer and manufacturer of PVCu
replacement windows and doors to the UK homeowner market. For more
information please visit www.safestyleukplc.co.uk or
www.safestyle-windows.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGUGDURUDBGIC
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