Clarkson Regulatory News (CKN)

20 Apr 2007 15:29

Clarkson PLC20 April 2007 20 April 2007 Clarkson PLC Announcement in relation to High Court litigation and resignation of Martin Watson Clarkson PLC ("Clarkson") in its preliminary announcement released on 26th March2007, reported that legal action had been threatened against its subsidiary HClarkson & Company Limited and various other defendants by a client inconnection with business transacted during the period 2001-2004 quantified atapproximately $33m. Clarkson can confirm that the subsidiary has been placed on notice that it willnow be joined early next week as a defendant in this High Court action broughtby the Russian state-owned shipping company, Sovcomflot. Further, Clarkson announces that H Clarkson & Co Limited has now been servedwith an additional Claim in the High Court, quantified at approximately $21m,brought by a subsidiary of Novoship, the Russian shipping company which hasrecently announced it will merge with Sovcomflot. Clarkson will defend its position strongly in both cases. Its view of theseproceedings is that both cases are about litigation between powerful Russianinterests in which Clarksons has been caught up as a third party. Clarkson will update the market in due course, when appropriate. Martin Watson, a non-Executive Director of the company since 2001, has felt itnecessary to resign with immediate effect. Martin Watson was a founding partner of, and is currently a senior consultantto, Watson, Farley & Williams LLP. Sovcomflot is a long standing client ofWatson, Farley and Williams LLP, including during the period which is thesubject of the High Court action. Mr Watson felt that the potential conflicts ofinterest which this might give rise to made his remaining a director of Clarksonimpossible. Tim Harris, Chairman, said: "We very much regret losing an excellentnon-Executive Director, for whom everyone in the Company has the highest regard." For further information, please contact: Clarkson PLC Telephone: 020 7334 3145Tim Harris, Chairman Quiller Consultants Telephone: 020 7233 9444John Eisenhammer/Nicholas Dunne This information is provided by RNS The company news service from the London Stock Exchange