Court of Appeal update
Updated : 15:34
Friday, 18 September 2020
AssetCo plc
("AssetCo")
Providers of management and resources to the fire and emergency services in the Middle East
Court of Appeal update
AssetCo announces the following update in connection with its litigation case against Grant Thornton UK LLP (Grant Thornton):
The Court of Appeal today made a ruling that:
1. Grant Thornton shall pay 75% of AssetCo's costs of the appeal, to be assessed if not agreed |
2. Grant Thornton must make a payment on account of costs of £250,000, and |
3. Grant Thornton's application for permission to appeal to the Supreme Court is dismissed along with AssetCo's application for permission to cross appeal. The Court of Appeal also rejected Grant Thornton's application that AssetCo should pay their costs of the appeal. |
As a result of the Court of Appeal hearings the current estimate of the benefit to AssetCo including interest and costs is £28.45m. This is after a reduction in the damages from £21.2m to £15.6m plus interest accrued to date of £7.6m and an interim payment of costs of £5.25m.
It is open to Grant Thornton to seek permission from the Supreme Court to appeal to the Supreme Court, and further announcements will be made in due course as appropriate.
Enquiries: AssetCo plc Tudor Davies, Chairman Tel: +44 (0) 7785 703523 +44 (0) 20 7614 5900 |
Arden Partners plc Nominated adviser and broker John Llewellyn-Lloyd/ Ciaran Walsh Tel: +44 (0) 20 7614 5900 |
TooleyStreet Communications Fiona Tooley Email: fiona@tooleystreet.com Mobile: +44 (0) 7785 703523 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.