WTG.L Share News (WTG)

IN BRIEF: Watchstone says Aviva Canada claims dropped

Watchstone Group PLC - Former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Expects cash balance at the end of 2023 to be approximately GBP7 million. In 2022, cash and term deposits was GBP13.8 million. Also announces all claims and disputes from and against Aviva Canada have been discontinued.

Court of Appeal refuses Watchstone permission to appeal against PwC

Watchstone Group PLC - former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Says that the Court of Appeal has refused it permission to appeal and no further routes of redress remain open to the company. Watchstone must pay professional services firm PricewaterhouseCoopers LLP's legal costs, as well as its own. In August 2020, Watchstone had filed a GBP63 million claim against PwC, alleging breach of contract and conspiracy. Other outstanding claims are against Aviva Canada, part of Aviva PLC, and against UK tax collector HMRC over the recovery of historic VAT. Watchstone in 2021 had also filed a GBP13.7 million claim against its former auditor KPMG International Ltd, which is not expected to begin before 2024. Its Canadian subsidiary's claim against Aviva Canada is expected to go on trial in January 2024.

IN BRIEF: Watchstone interim loss widens on costs of claim against PwC

Watchstone Group PLC - former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Pretax loss widens to GBP6.0 million in six months that ended June 30 from GBP2.1 million a year before. Has no revenue, so loss is due to higher administrative expenses. These primarily are legal costs, including GBP4.9 million for Watchstone's claim against PricewaterhouseCoopers LLP. The High Court dismissed Watchstone's claim, and while it seeks permission to appeal, Watchstone must pay PwC's legal costs, as well as its own. Other outstanding claims are against Aviva Canada, part of Aviva PLC, and against UK tax collector HMRC over the recovery of historic VAT. "We remain focussed on realising the group's remaining litigation assets as efficiently as possible and are confident of returning further cash sums to shareholders in due course," Watchstone says.

UK shareholder meetings calendar - next 7 days

Watchstone laments Court dismissal of claim against PwC; mulls appeal

(Alliance News) - Watchstone Group PLC said that the High Court dismissed its claim against PricewaterhouseCoopers LLP, adding that it is considering to appeal the judgment.

IN BRIEF: Watchstone Group 2022 operating and pretax loss narrows

Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Operating loss in 2022 narrows to GBP151,000 from GBP3.7 million a year ago. Pretax loss narrows to GBP40,000 from GBP3.7 million. Notes legal fees of GBP2.1 million, compared to GBP1.1 million a year earlier. Legal fees incurred during 2022 primarily relate to the litigation undertaken by the company against PricewaterhouseCoopers LLP and KPMG LLP, it says.

IN BRIEF: Watchstone plans to cut board to just two at AGM

Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Says that following its 2023 annual general meeting, its Senior Non-Executive Director Michael Howard and Non-Executive Director David Young will step down from the board and will not be replaced. Following these changes, the board will comprise Non-Executive Chair Richard Rose and Chief Executive Officer Stefan Borson. Rose will become chair of each of the board's committees.

KPMG to pay GBP5 million to Watchstone in settlement claim

(Alliance News) - Watchstone Group PLC said on Monday it had agreed a settlement of its claim against KPMG LLP, entailing the professional services firm pay the insurance software group GBP5 million without admission of liability.

Watchstone widens half-year loss as administrative expenses grow

(Alliance News) - Watchstone Group PLC on Tuesday reported a widened half-year loss as administrative expenses climbed, and provided updates on three legal claims against other companies.

UK shareholder meetings calendar - next 7 days

EARNINGS UPDATES: RA International and Watchstone swing to annual loss

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

TRADING UPDATES: McKay backs Workspace offer; IOG fixes Blythe fault

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

TRADING UPDATES: Zambeef sales continue climb; Watchstone files claim

TRADING UPDATES: Zambeef sales continue climb; Watchstone files claim

TRADING UPDATES: Victoria and Brickability report revenue progress

TRADING UPDATES: Victoria and Brickability report revenue progress

IN BRIEF: Polygon offer for Watchstone lapses on lack of acceptances

IN BRIEF: Polygon offer for Watchstone lapses on lack of acceptances