Last checked at 26 Jun 2008 13:48
26 June 2008
Clarkson PLC
("Clarksons" or "the Company")
SETTLEMENT WITH RUSSIAN SHIPPING COMPANIES
The Board of Clarkson PLC today announces the settlement of the claims brought against H Clarkson & Company Limited by the two Russian shipping companies, Sovcomflot and Novoship.
As part of the agreement the Board has made a further and final provision of £13m. All parties have agreed that the terms of the settlement will remain confidential.
Tim Harris, Chairman, said: "The Board fully understands that this dispute over events which occurred between 2001 and 2004 has cost shareholders and the company much money and lost time. It is our firm view that it is in the interests of shareholders, staff and customers to draw a line under the dispute with Sovcomflot and Novoship.
"The Clarkson team, under Andi Case, can now put all its energy and expertise into what it does best - and in so doing, take this company on to even greater success. Today's shipping markets offer excellent opportunities for an ambitious company. We intend to seize these opportunities with both hands."
Enquiries:
| Clarkson PLC: Tim Harris, Chairman Jeff Woyda, Finance Director | Telephone: 020 7334 0000 |
| Quiller Consultants: John Eisenhammer | Telephone: 020 7233 9444 |