Watchstone Group PLC Settlement with Slater & Gordon (UK) 1 Limited (4636Q)
October 21 2019 - 2:00AM
UK Regulatory
TIDMWTG
RNS Number : 4636Q
Watchstone Group PLC
21 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 Slater & Gordon (UK) 1 Limited
Watchstone Group plc (LON:WTG) announces that it has agreed
terms for the settlement of the claims made by Slater & Gordon
(UK) 1 Limited ("S&G") in the High Court proceedings issued by
S&G in June 2017 (the "Settlement").
Under the Settlement, which is made without admission of
liability by either party, all of S&G's claims or potential
claims for alleged breaches of warranty, deceit and fraudulent
misrepresentation against Watchstone its present and former
directors officers and agents relating to the historic sale of the
Group's professional services division ("S&G Claims") in May
2015 have been unconditionally withdrawn. Watchstone has also
agreed not to pursue its counterclaim against S&G (details of
which were announced on 29 August 2019).
The Settlement provides for GBP11m of the GBP50m currently held
in escrow to be released to S&G with the balance of GBP39m and
accrued interest being released to Watchstone. No application for
costs will be made by either party.
Watchstone does not accept that there was a proper basis for the
S&G Claims and S&G does not accept that there was a proper
basis for the counterclaim.
Richard Rose, Non-executive Chairman of Watchstone said: "We are
pleased with the resolution of this matter. Whilst Watchstone
remains firmly of the view that the legal action commenced by the
other side was without merit, the board believes that a settlement
at this level is in shareholders' interests as it brings certainty.
It also releases a significant cash sum that has been locked in
escrow and unavailable to us for some considerable time. The
decision was made with consideration of the costs of pursuing the
Company's defence and counterclaim at trial and to the inherent
uncertainty of the outcome of any legal process."
The release of this announcement has been authorised by Stefan
Borson, Group Chief Executive Officer and Company Secretary of the
Company.
For further information:
Watchstone Group plc Tel: 03333 448048
Stefan Borson, Group Chief Executive Officer
Alex Nekrassov alexnekrassov@newcenturymedia.co.uk
WH Ireland Limited, Nominated Adviser and broker Tel: 020 7220
Chris Hardie 1666
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END
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