14 Dec 2015 17:43
14 December 2015
Watchstone Group plc
("Watchstone" or the "Company")
Receipt of Letter of Claim
Watchstone Group plc (LON:WTG) announces that, further to its announcement of 29 September 2015, it has today received a letter of claim from the law firm acting for 342 claimants to commence an action against the Company under the Financial Services and Markets Act 2000 ("Letter of Claim").
Whilst the Company is yet not in a position to verify the assertions in the Letter of Claim, consistent with the previous announcement of the Company and correspondence from the law firm, the Letter of Claim details the expected value of the potential claims against the Company to be approximately £9.4 million.
As stated previously, the Company plans to vigorously defend all claims.
The Company does not believe that the Letter of Claim will adversely impact the Company's previously announced Reduction of Capital and Return of Capital.
For further information:
Watchstone Group plc | Tel: 01489 864 200 |
Richard Rose, Non-executive Chairman Indro Mukerjee, Group Chief Executive Officer |
|
Stephen Joseph, Head of Investor Relations | |
Tulchan Communications | Tel: 020 7353 4200 |
Susanna Voyle Charlotte Church |
|
Peel Hunt LLP, Nominated Adviser and broker |
Tel: 020 7418 8900 |
Dan Webster George Sellar |