8 May 2019 16:36
8 May 2019
StatPro Group PLC
SiSoft update
Further to the announcement dated 16 July 2013, StatPro Group plc ("StatPro", "the Group", AIM: SOG), the AIM listed provider of cloud-based portfolio analytics and asset pricing services for the global asset management industry, announces that in the legal case between the Group and certain of the shareholders in SiSoft Sarl (the "SiSoft Shareholders"), initiated in 2011, the Court of Appeal of Paris found in favour of the SiSoft Shareholders and partially overturned the original ruling of the Commercial Court of Paris in January 2017 in favour of StatPro.
Consequently, StatPro is required to pay the SiSoft Shareholders approximately €835,000 in additional consideration and a further €133,000 in expenses. The formal notification of the judgement has yet to be received by the Group. In addition, StatPro will be charged with the payment of interest on the amount of the additional consideration, at the legal applicable rate, calculated to the date StatPro will pay the said amount.
StatPro strongly rejects the interpretation of the agreement by the Appeal Court and is considering an appeal to the French Supreme Court ("Cour de cassation").
This ruling will not impact StatPro's adjusted profitability. The additional charge will be reflected in the 2019 accounts.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this information is considered to be in the public domain.
Enquiries:
StatPro Group plc |
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Justin Wheatley, Chief Executive |
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Andrew Fabian, Finance Director |
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Panmure Gordon - Nomad and Broker |
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Corporate Finance - Freddy Crossley / Fabien Holler |
| +44 (0) 20 7886 2500 |
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Corporate Broking -James Stearns |
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Instinctif Partners |
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Adrian Duffield/Kay Larsen/Chantal Woolcock |
| +44 (0) 20 7457 2020 |
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About StatPro
StatPro Group (www.statpro.com) provides cloud-based portfolio analytics, asset data services and data management tools for the global asset management industry and asset management service providers.
The Group has 10 offices in Europe, North America, South Africa and Australia, servicing around 500 clients in 40 countries. It is organised into three divisions: Revolution, Source: StatPro and Infovest.
Revolution is a global provider of award-winning portfolio analytics solutions. The cloud-based platform offers vital analysis of portfolio performance, attribution, risk and compliance. Revolution helps clients reduce costs, improve client communication and control investment decisions.
Source: StatPro is a global market data business and provides Data-as-a-Service to Revolution to enable analytics. The division's integrated and global data coverage includes millions of securities covering the full range of financial instruments and benchmarks.
Infovest, supplies data management solutions for the global asset management market, including data warehouse technology, ETL, compliance and reporting tools as well as portfolio management solutions.
StatPro Group plc shares are listed on AIM.