ASTO Assetco Plc

TIDMASTO

RNS Number : 2933J

AssetCo PLC

16 December 2015

AssetCo plc

("AssetCo" or the "Group" or the "Company")

Company Update

Claim against former auditors

In the Company's Half-yearly financial report released on 19 June 2015, reference was made to its claim against former auditors Grant Thornton. This was originally lodged under the Professional Negligence Pre-action Protocol and subsequently led to a mediation hearing which took place in October 2015. It is disappointing to report that this mediation hearing was unsuccessful.

Therefore, the Company has today issued formal Court proceedings against Grant Thornton in respect of negligent audits for the years ended 30 September 2009 and 2010. Currently the claim losses for these periods amount to GBP38.0m plus interest and costs to date of GBP4.3m, making a current total of GBP42.3m.

The Company will continue to keep shareholders updated as appropriate.

Tudor Davies, Executive Chairman

AssetCo plc

Ticker AIM: ASTO.L

London, Wednesday 16 December 2015

 
 Enquiries: 
 
 Arden Partners plc 
 John Llewellyn-Lloyd/ Ciaran 
  Walsh 
 Tel:+44 (0) 20 7614 5900 
 
 TooleyStreet Communications 
 Fiona Tooley 
 Mobile: +44 (0) 7785 703 
  523 
 fiona@tooleystreet.com 
 

AssetCo, is principally involved in the provision of management and resources to the fire and emergency services in the Middle East. For further details, visit the website, www.assetco.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 16, 2015 08:55 ET (13:55 GMT)

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