RE: Preference Shares18 Jul 2023 20:02
Hi John, while you're right to be a little pessimistic regarding Denton's involvement it is from their point of view a calculated risk. My guess is that it is one or several of their Baltic State offices who have taken this on. They required an upfront substantial sum, supplied by three 'investors', to assess the merits of the claim.
Don't forget that the Dentons offices in the region would have a lot of local information and background anyway. The upshot was they took it on.
Sir Mark Lyall-Grant joined the board of Fox some three years ago after the action was started. According to the RNS at the time it was because he was a heavy-weight diplomat and a qualified Barrister. To me this was an endorsement as he had no need to be involved in any failures.
The 190 Mill may be a little ambitious, I'll grant you that, and it could be a negotiation point that actually contributes to the delay. One further point. If the action has no merit, then by now, after some four years, that would have come to light and Dentons would have withdrawn.
As an aside the tragic situation in both Turkey and in Ukraine unfortunately shows that a company like ecobuild could have a lot of business fairly close to home.