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10 Dec 2014 15:23
Augean plc
("Augean" or "the Group")
Settlement of Litigation
Augean, one of the UK's leading specialist waste management businesses, announces that it has now reached a settlement agreement in relation to litigation it has been involved in with the previous owners ofHiTech Limited, a business that Augean acquired during 2008.
In respect of the litigation, on 12 September 2014 the High Court of Justice in London issued a judgment which:
· Upheld the claim of Augean against the Defendants at an amount of in the region of £840,000
· Ordered the Defendants to pay a proportion of legal costs of Augean, that proportion estimated, at that time, at an amount in the region of £600,000, subject to assessment if not agreed.
Augean has now agreed a total amount, with the Defendants, of £1.6million in full and final settlement of the court award, including costs and interest.
After the deduction of Augean's remaining legal costs of £0.4million, the net cash inflow to Augean is £1.2million, expected to be received by the Group on or around 11 December 2014.
For further information, call:
Augean plc Dr Stewart Davies, Chief Executive Richard Laker, Group Finance Director
| 01937 844 980 |
N+1 Singer Shaun Dobson Jennifer Boorer
| 020 7496 3000 |
FTI Consulting Oliver Winters Adam Cubbage
| 020 3727 1535 |
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