Watchstone Group PLC Settlement with Mr Robert Terry and others (1354Q)
October 16 2019 - 11:37AM
UK Regulatory
TIDMWTG
RNS Number : 1354Q
Watchstone Group PLC
16 October 2019
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 Tel: 020 7220
Chris Hardie 1666
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END
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