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Litigation update: Result-Court of Appeal Hearing

28 Aug 2020 12:36

RNS Number : 4900X
AssetCo PLC
28 August 2020
 

 

28 August 2020

 

 

 

AssetCo plc

("AssetCo")

Providers of management and resources to the fire and emergency services in the Middle East

 

Litigation update - result of Court of Appeal Hearing

 

 

AssetCo announces an update in connection with its litigation case against Grant Thornton in a judgment handed down today by the Court of Appeal (the "Court").

 

The Court dismissed Grant Thornton's attempt to set aside the whole award of damages granted at first instance, but disallowed a payment of £1.5m in respect of losses and ordered that AssetCo must give credit in respect of the July 2009 £7.5m share issuance. As a result of the Court's judgment, the damages awarded to AssetCo are reduced from £29.8m to £20.8m, before a 25 per cent. deduction for contributory negligence.

 

The current estimate of the benefit to AssetCo including interest and costs is approximately £25m, however the precise amounts will be determined at further court hearings in due course, together with any arguments as to grounds for an appeal to the Supreme Court.

 

Further announcements will be made in due course as and when appropriate.

 

 

 

Enquiries:

AssetCo plc

Tudor Davies, Chairman

Tel: +44 (0) 7785 703523

+44 (0) 20 7614 5900

 

Arden Partners plc

Nominated adviser and broker

John Llewellyn-Lloyd/ Ciaran Walsh

Tel: +44 (0) 20 7614 5900

 

TooleyStreet Communications

Fiona Tooley

Email: fiona@tooleystreet.com

Mobile: +44 (0) 7785 703523

 

 

 

 

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Date   Source Headline
23rd Mar 20113:58 pmRNSNotification of major Interest in Shares
23rd Mar 20113:13 pmRNSBoard Changes
23rd Mar 20113:10 pmRNSForm 8.3 - AssetCo PLC
23rd Mar 20112:03 pmPRNForm 8.3 - Assetco Plc
23rd Mar 201112:23 pmRNSForm 8.3 - AssetCo Plc
23rd Mar 201111:57 amRNSForm 8.3 - AssetCo Plc
23rd Mar 201111:50 amRNSForm 8.5 (EPT/NON-RI)
23rd Mar 20119:33 amRNSRule 2.10 Announcement
22nd Mar 20114:24 pmRNSCompletion of Placing
22nd Mar 20113:19 pmRNSForm 8.3 - AssetCo Plc
22nd Mar 201111:31 amRNSResult of General Meeting
22nd Mar 201110:49 amRNSReplacement Form 8.3 - AssetCo Plc
22nd Mar 20117:45 amRNSRestoration - Assetco Plc
22nd Mar 20117:00 amRNSUpdate on General Meeting
21st Mar 20113:08 pmRNSForm 8.3 - AssetCo PLC
21st Mar 20111:02 pmRNSGeneral Meeting
21st Mar 201111:52 amRNSNotification of Major Interest in Shares - Amended
21st Mar 201111:50 amRNSForm 8.5 (EPT/NON-RI)
21st Mar 20118:47 amRNSSuspension - Assetco plc - replacement
21st Mar 20118:33 amRNSSuspension - Assetco plc
21st Mar 20117:03 amRNSWorking Capital and Board Appointment
18th Mar 20111:49 pmRNSForm 8.3 - [Assetco Plc]
18th Mar 20111:25 pmRNSForm 8.3 - Assetco plc - Amendment
18th Mar 201111:50 amRNSForm 8.5 (EPT/NON-RI)
18th Mar 20118:48 amRNSNotification of Major Interest in Shares
18th Mar 20117:00 amRNSStatement re Additional Capital
17th Mar 20115:26 pmRNSForm 8.3 - Asset Co - Replacement
17th Mar 201111:55 amRNSForm 8.5 (EPT/NON-RI)
17th Mar 201110:12 amRNSForm 8.3 - Asset Co
16th Mar 20115:51 pmRNSForm 8.3 - AssetCo Plc - AMENDMENT
16th Mar 20112:02 pmRNSForm 8.3 - AssetCo Plc
16th Mar 20111:10 pmRNSForm 8.3 - Assetco Plc
16th Mar 20111:06 pmRNSForm 8.3 - Replacement Assetco Plc
16th Mar 201112:26 pmRNSForm 8.3 - [AssetCo plc]
16th Mar 201111:50 amRNSForm 8.5 (EPT/NON-RI)
16th Mar 201111:03 amRNSForm 8.3 - [Assetco Plc]
16th Mar 201110:47 amRNSForm 8.3 - [Assetco Plc]- REPLACEMENT
16th Mar 201110:04 amRNSForm 8.3 - Assetco Plc
16th Mar 20119:25 amRNSForm 8.3 - [Assetco PLC]- Replacement
15th Mar 20114:22 pmRNSNotification of Major Interest in Shares
15th Mar 20113:16 pmRNSForm 8.3 - [ASSETCO PLC]
15th Mar 20113:14 pmRNSForm 8.3 - [AssetCo PLC Ammendment]
15th Mar 20112:50 pmRNSForm 8.3 - Assetco PLC
15th Mar 201112:48 pmRNSForm 8.3 - [AssetCo Plc Replacement]
15th Mar 201112:23 pmRNSRule 2.10 replacement
15th Mar 201112:16 pmRNSForm 8.3 - [AssetCo PLC]
15th Mar 201111:58 amRNSForm 8.5 (EPT/NON-RI)
15th Mar 201111:53 amRNSForm 8.3 - (AssetCo Plc)
15th Mar 201110:57 amRNSForm 8.3 - [AssetCo plc]
15th Mar 20117:00 amRNSRule 2.10 Announcement

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