Update on Bolton Fell Compensation Claim (4891U)

TIDMSNCL

RNS Number : 4891U

Sinclair (William) Holdings PLC

22 December 2011

William Sinclair Holdings PLC

('William Sinclair' or 'the Company')

William Sinclair announced on 1 July 2011 that negotiations with Natural England regarding compensation for the cessation of harvesting at Bolton Fell and the associated closure of the factory at the site were progressing slowly and that our claim was therefore likely to be referred to the Lands Tribunal.

William Sinclair confirms that it has since received a proposed settlement offer from Natural England at a figure of GBP12 million in total. The Company and its advisors consider this amount significantly undervalues material aspects of the business operated at Bolton Fell and is unacceptably low.

Consequently William Sinclair has now begun the process of referring the claim to the Lands Tribunal. A suitably experienced Queen's Counsel has been selected to lead the William Sinclair team and he is now managing the presentation of the case.

Because of the complexity of this matter it is likely that the Lands Tribunal will take an extended period of time to reach a conclusion. Exactly how long will be required will depend on the level of co-operation received from Natural England and their desire to reach a settlement.

The Board of William Sinclair continues to believe that this delay will have no practical impact on the overall settlement figure.

Bernard Burns, Chief Executive, commented:

"Bolton Fell has always been strategically important to the Company. We need to ensure that the compensation we receive for its closure fully and fairly reflects its value to us. To achieve this within a satisfactory timescale we have been obliged to refer the matter to the Lands Tribunal."

For further information:

www.william-sinclair.co.uk

 
 William Sinclair Holdings   Tel: 01522 537561 
  Plc 
 Bernard Burns, Chief 
  Executive 
  Peter Williams, Finance 
  Director 
 
 Arbuthnot Securities        Tel: 020 7012 
                              2000 
 Andrew Kitchingman 
  Adam Lloyd 
  Paul Gillam

About William Sinclair

William Sinclair Holdings PLC is one of the UK's leading producers of commercial horticulture and branded garden products. William Sinclair's well established brands include J Arthur Bower's, Silvaperl and New Horizon - the leading brand in the fast growing peat free garden compost and organic plant foods sector. William Sinclair's customers include national accounts such as The Garden Centre Group, Sainsbury's, Wilkinson, Homebase and B&Q as well as an extensive range of independent garden centres.

This information is provided by RNS

The company news service from the London Stock Exchange

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