Cake Box Holdi. Regulatory News (CBOX)

11 Jul 2007 07:00

Cashbox PLC11 July 2007 Cashbox PLC ('Cashbox' or 'the Company') Further re Litigation On 10 July 2007, the Honourable Mr. Justice Peter Smith handed down judgment onCashbox ATM Systems Limited (the "Company's subsidiary") and Carl Thomas'application for permission to appeal against the summary judgment of MasterBowles dated 29 November 2006 in the ongoing proceedings brought by Hanco ATMSystems Limited ("Hanco"). The Company's subsidiary was granted permission to appeal against the decisionof Master Bowles that it had knowingly received a document containing Hanco'strading terms and conditions. That aspect of the appeal was subsequently allowedand Hanco's application for summary judgment in relation to the Company'ssubsidiary's knowing receipt of Hanco's terms and conditions was dismissed. The Company's subsidiary and Carl Thomas were refused permission to appealagainst all other aspects of the Master's summary judgment award. The Company's subsidiary and Carl Thomas were ordered to make the payment onaccount of costs of £150,000 previously ordered by Master Bowles on 21 February2007, within 14 days. The Company's subsidiary and Carl Thomas were furtherordered to pay, within 14 days, Hanco's costs of the application for permissionto appeal and of the appeal itself summarily assessed at £49,760. The Company has a joint and several indemnity from Carl Thomas and Anthony Sharpagainst any liability arising from or in connection with this litigation and isin the process of writing to both indemnifiers, following the order for costs,calling on the indemnities. Hanco's application for an interim payment in relation to quantum is listed forhearing on 30 July 2007. The Company's subsidiary's position remains that Hancowill not be entitled to anything other than nominal recovery because Hanco wouldnot have secured Phase II of the Threshers contract in any event; and Phase IIof the Threshers contract was not profitable for the Company's subsidiary. - Ends - Cashbox PLC 0870 126 2274Ciaran Morton, Chief Executive Threadneedle Communications 020 7936 9606Josh Royston/Graham Herring Seymour Pierce Ltd 020 7107 8000Jonathan Wright Fairfax I.S. PLC 020 7598 5368Ewan Leggat This information is provided by RNS The company news service from the London Stock Exchange