Last checked at 19 Jun 2018 12:31
19th June 2018
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Litigation Update
Gama Aviation Plc, the global business aviation services provider, is pleased to announce that the Company has reached an agreement with the Dryden Parties (Dustin Dryden and associated entities) to settle the current legal proceedings between the parties. Accordingly, and pursuant to a consent order sealed in the High Court today, the current legal proceedings between the parties have been stayed with immediate effect.
Under the terms of the agreement, which is in full and final settlement of the current court proceedings between the parties, the Dryden Parties undertake to withdraw their various damages claims against the Company, and to transfer value to the Company by a cash payment and transfer of certain assets; and the Company undertakes to withdraw its debt recovery claims against the Dryden Parties.
Other than to the extent disclosed in this announcement the terms of the agreement are subject to a mutual confidentiality provision.
The terms of the agreement with the Dryden Parties supports the Board's previously announced expectation that once all outstanding litigation is settled, the result will be a net cash inflow to the Company. Accordingly, other than legal costs which will be included in exceptional items, the terms of the settlement will have no impact upon the underlying results of the Company.
ENDS
For further information please visit www.gamaaviation.com or contact:
Gama Aviation Plc +44 (0) 1252 553029
Marwan Khalek, Chief Executive Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Tom Huddart
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation services group that specialises in providing support for individuals, corporations and government agencies; allowing them to deliver on the promises they make.
The Group's services are split into two divisions: Air and Ground. Air services include aircraft management, special mission support and charter. Ground services cover aircraft maintenance services, aircraft modification design and installation, and Fixed Base Operations (FBO).
More details can be found at: http://www.gamaaviation.com/