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28 Mar 2011 12:25
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28th March 2011
Triple Plate Junction PLC
("Triple Plate" or "the Company")
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Settlement with former Directors
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The Board of Triple Plate today announces that it has agreed to pay a total of Β£115,000 in full and final settlement of all of the claims of Ian Gowrie-Smith, David Lees and Peter Wright, the former directors who resigned from the Board on 1st June 2010, and their related parties. The claims totalled approximately Β£180,000 and were for repayment of loans, expenses, loss of office, and unpaid remuneration.
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Triple Plate included provisions in its interim accounts at 30th September 2010 and estimated costs in its cash forecasts to the end of 2011 of approximately Β£155,000, in aggregate, for these claims.
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Tony Shearer, Chairman of Triple Plate, said "I am glad that this matter has been resolved without the risks, distractions and costs involved in taking the dispute to a Court to resolve, and that the Company can continue to move ahead under its new team."
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For further enquiries please contact:
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Triple Plate Junction Plc
Tony Shearer +44 (0) 7961 307 894
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Daniel Stewart & Company plc
Antony Legge / Oliver Rigby +44 (0) 20 7776 6550
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