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6 May 2014 15:15
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION
Metro Baltic Horizons plc (MET.L)
("Metro Baltic Horizons" or the "Company")
6 May 2014
Settlement Agreement reached
For immediate release
The board of Metro Baltic Horizons announces that the Company has reached a settlement with its former auditors, Ernst & Young LLC.
The Company and Ernst & Young LLC (EY Isle of Man) have agreed terms for the settlement of proceedings issued by EY Isle of Man against the Company on 4 July 2012 in the High Court of Justice of the Isle of Man, and the Company's counterclaim against EY Isle of Man in those proceedings (the "Proceedings").
Under the terms of the settlement agreement, the Company and EY Isle of Man have agreed to settle their respective claims, and the Company will receive £425,000. In entering into this settlement agreement, neither EY Isle of Man nor the Company have admitted liability or wrongdoing.
The Board will revert by the time of the Company's AGM to provide further detail in regard of any potential distribution and indeed the continued listing of the Company.
Enquiries
Metro Baltic Horizons plc.
Ronan Reid Tel: +353 1 6333843
S. P. Angel Corporate Finance LLP
Stuart Gledhill Tel: 020 3463 2260
Further information
This announcement will be available on MBH's website http://www.metrobaltichorizons.com/ as soon as practicable in accordance with AIM Rule 26.
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