Information re the Imminent Court Case1 Nov 2021 19:01
Good evening,
Seeing as we have so many new faces (and old) popping up asking questions about the court case, and will undoubtedly see more as it gets closer, here are some important points so people don't have to keep asking the same repetitive questions:
This is from the RNS 28th May 2021 relating to claim value:
"However, the Company can inform shareholders that the independent expert has valued the economic value of the possible damages suffered by Sipiem at an amount of up to €7.8 million, subject to the Judge ruling that the conduct of Sipiem’s former board and internal audit committee was unlawful.
Although the independent valuation of the possible damages (of an amount up to €7.8 million) is lower than the Company’s valuation of €10.8 million, the Company still regards this as a significant result for shareholders, as it confirms the vast majority of the Company’s estimate of damages. Whilst the delay is disappointing, the Company acknowledges the relevance of this key procedural step and maintains a positive outlook on the result of the litigation."
From the same RNS 28th May 2021 relating to time frames:
"The Court will agree a first hearing to restart the proceedings and allow the heirs of the defendant to agree to an appearance in court. At that hearing, the Court will agree a second and final hearing.
At this final hearing, the parties shall define their claims and the Court shall assign terms for the Conclusive Briefs. Following this, each party’s legal counsel will have 80 days to file their Conclusive Briefs to the Judge. The Judge’s ruling is then expected within a 60-90 day time frame following the conclusion of the Conclusive Briefs Period."
From the RNS 10th September 2019 regarding the award:
"Under the terms the agreement, CL2017 has paid €50,000 to Sipiem to acquire the legal action from Sipiem and CL2017 will bear all legal costs going forward, which have been capped at €35,000. CL2017 will receive 70% of any monies recovered should the ruling go in favour of the plaintiff (CL2017). The law firm acting on behalf of CL2017 will receive a small contingency fee, based on funds received from the defendants, to be paid on a successful outcome. Sipiem will receive 30% of any funds received."
Therefore, if we are successful with this court case, we stand to receive 70% of whatever the Judge determines the settlement figure to be. In today's money, it's approximately £4.6m.
I really hope this goes some way to help people stop asking the same old questions day after day.
Have a good evening all.
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