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Pin to quick picksSynectics Regulatory News (SNX)

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Settlement of Legal Claim

25 Feb 2020 07:00

RNS Number : 9745D
Synectics PLC
25 February 2020
 

 

 

For immediate release

 

25 February 2020

 

 

Synectics plc

("Synectics" or "the Company")

 

Settlement of Legal Claim

Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, announces that it has signed a full and final settlement agreement in relation to an employment related legal claim in the US.

The claim, consequent on the termination of the employee's employment in late 2018, included allegations made under California employment statutes that the Company strongly refuted. Initial legal advice to the Company suggested that the claim in total should be settled for a moderate sum close to the amount of contractual remuneration due to the employee on termination. After involvement of the Company's insurers, and following mediation under California law, a full and final settlement agreement was entered into by the parties on 24 February 2020.

 

As a result, Synectics has made a provision of £908,000 in respect of the claim, including legal costs, as a non-underlying item in its audited final results for the year ended 30 November 2019, which were separately announced today.

 

For further information, please contact:

Synectics plc

Tel: +44 (0) 114 280 2828

Paul Webb, Chief Executive

 

David Bedford, Finance Director

 

email: info@synecticsplc.com

www.synecticsplc.com

 

 

Shore Capital

Tel: +44 (0) 20 7408 4050

Tom Griffiths / Henry Willcocks

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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