Cake Box Holdi. Regulatory News (CBOX)

23 Feb 2007 12:25

Cashbox PLC23 February 2007 Cashbox plc (the "Company") Further re Litigation Further to the announcement made on 8 February 2007 which refers to theindemnity in favour of the Company and Cashbox ATM Systems Limited ("ATM"), theCompany's subsidiary, at a Court hearing on 21 February 2007 concerning theongoing litigation between, inter alia, ATM and Hanco ATM Systems Limited("Hanco"), the Court ordered that: 1. ATM and Carl Thomas pay Hanco's costs of the action so far as theyrelate to ATM and Carl Thomas (as opposed to the other Defendants), limited toHanco's costs of the action in respect of those claims upon which it succeededon its application for summary judgment. Such costs are to be paid on thestandard basis and are to be subject to a detailed assessment if not agreed. 2. ATM and Carl Thomas pay 60% of Hanco's costs of the summary judgmentapplication to be paid on the standard basis and to be subject to a detailedassessment if not agreed. The question of the timing of any detailed assessmentin relation to these costs and those referred to above is to be the subject offurther order. 3. ATM and Carl Thomas make a payment of £150,000 to Hanco on account ofthe costs which have been ordered to be paid by them by no later than 4 April2007. Adjudication will be made regarding the remainder of the costs of the action ata later date. ATM and Carl Thomas were refused permission to appeal against the summaryjudgment ruling by the Master but intend to renew their application to a HighCourt Judge. In the event that permission is granted and any appeal issuccessful then they will apply to have the above costs orders set aside. Hanco's application for an interim payment (in relation to quantum) wasadjourned to a further hearing. ATM and Mr. Thomas's position remains that Hanco would not be entitled toanything other than nominal recovery because (i) Hanco would not have securedPhase II of the Threshers contract in any event; and (ii) Phase II of theThreshers contract was not profitable for ATM. This information is provided by RNS The company news service from the London Stock Exchange