AssetCo PLC - fire and emergency services provider - Notes that Court of Appeal has dismissed law firm Grant Thornton LLP's attempt to set aside whole award of damages granted at first instance. However, court has disallows payment of GBP1.5 million for losses and has ordered AssetCo must give credit for July 2009 GBP7.5 million share issuance.
Damages awarded to AssetCo has been reduced to GBP20.8 million from GBP29.8 million, before a 25% deduction for contributory negligence. AssetCo made a negligence claim against its former auditors, which resulted in a trial in June 2018. The verdict was in favour of AssetCo and Grant Thornton was made to pay GBP22.4 million in damages, plus GBP6.5 million in interest and GBP5 million in costs.
Current stock price: 392.00 pence
Year-to-date change: down 99%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Assetco (ASTO)