16 Oct 2019 16:37
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR").
Watchstone Group plc
("Watchstone" or the "Company" or the "Group")
Settlement with Mr Robert Terry and others
Watchstone and its wholly owned subsidiary Watchstone Limited ("WL") announces that it has agreed a full and final settlement with Mr Robert Terry and others in respect of ongoing High Court proceedings.
The proceedings arise out of the share purchase agreement entered into by Watchstone with Mr Terry and others on 28 April 2011 in respect of the sale and purchase of shares in WL and also in respect of claims arising from the indemnity that was found by the High Court to have been granted orally to Mr Terry and other substantial shareholders in WL in 2011 (including the settlement of WL's appeal to the Court of Appeal).
The settlement involves a partial repayment by Mr Terry and others of funds paid by WL in November 2018 pursuant to the judgment of Stephen Hofmeyr QC (sitting as a deputy Judge of the High Court) dated 16 November 2018 (further details of which are set out in note 35 of the 2018 Annual Report and Accounts). As a result of this settlement, all existing legal proceedings between Watchstone Group, Watchstone and Mr Terry have been settled. The terms of the settlement are confidential.
For further information:
Watchstone Group plc
| Tel: 03333 448048 |
WH Ireland Limited, Nominated Adviser and broker Chris Hardie | Tel: 020 7220 1666 |