Seascape Energy Regulatory News (SEA)

7 Jun 2006 07:03

Ramco Energy PLC07 June 2006 Ramco Energy plc Appeal upheld and judgement reversed Ramco Energy plc ("Ramco" or the Company) is pleased to announce that it hasbeen successful in its appeal against the judgement in the Tenge lawsuit inTexas. The conclusion of the judgement of Chief Justice Hedges and Justices Fowler andFrost of the Fourteenth Court of Appeals is as follows: "The trial court did not err in granting summary judgment on Plaintiffs'(Anglo-Dutch (Tenge) L.L.C. and Anglo-Dutch Petroleum International, Inc.)claims for breach of fiduciary duty, misappropriation, and misappropriation oftrade secrets. There is no evidence to prove with reasonable certainty whatprofits, if any, Plaintiffs lost as a result of the Ramco Parties' breaches ofcontract. Further, because Plaintiffs are not entitled to any actual damages,they are not entitled to attorney's fees. Therefore, the trial court should havegranted the Ramco Parties' motion for judgment notwithstanding the verdict andrendered judgment that Plaintiffs take nothing as to the Ramco Parties. Havingresolved the case on these issues, we need not reach the other issues raised inthe appeal and cross-appeal. Accordingly, we reverse the trial court's judgmentand render judgment that Plaintiffs take nothing against the Ramco Parties." With the original judgement now reversed, Ramco will be taking the actionnecessary in the Scottish Courts to lift the inhibitions and arrestments whichhave been restricting its ability to carry out its normal business. Ramco willalso be seeking recovery of all costs associated with the Scottish Court action. Steve Remp, Chairman of Ramco, said: "Common sense and justice have finally prevailed. This case came within ahair's breadth of driving Ramco over the edge. It has made life a misery forall of us at Ramco and has cost the Company a very considerable sum both interms of management time and legal expenses. We were the victims of a legalsystem that allows litigious appellants to sell their cases to investors and topermit them to sue with the knowledge that they do not risk having to pick upthe defendants costs in the event they fail. We are all absolutely delighted with this judgement and can now move forward tocontinue the rebuilding of Ramco. I want to thank the Ramco team and Board,our outstanding UK and US legal advisors and the many shareholders who lenttheir support while we defended ourselves over the past six years." 7 June 2006 ENQUIRIES: Ramco Energy plc Stephen Remp, Chairman 01224 352 200 College Hill - London Nick Elwes 020 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange