AUG Augean Plc

TIDMAUG

RNS Number : 4238Z

Augean Plc

10 December 2014

Augean plc

("Augean" or "the Group")

Settlement of Litigation

Augean, one of the UK's leading specialist waste management businesses, announces that it has now reached a settlement agreement in relation to litigation it has been involved in with the previous owners ofHiTech Limited, a business that Augean acquired during 2008.

In respect of the litigation, on 12 September 2014 the High Court of Justice in London issued a judgment which:

-- Upheld the claim of Augean against the Defendants at an amount of in the region of GBP840,000

-- Ordered the Defendants to pay a proportion of legal costs of Augean, that proportion estimated, at that time, at an amount in the region of GBP600,000, subject to assessment if not agreed.

Augean has now agreed a total amount, with the Defendants, of GBP1.6million in full and final settlement of the court award, including costs and interest.

After the deduction of Augean's remaining legal costs of GBP0.4million, the net cash inflow to Augean is GBP1.2million, expected to be received by the Group on or around 11 December 2014.

For further information, call:

 
 Augean plc 
  Dr Stewart Davies, Chief 
  Executive 
  Richard Laker, Group Finance 
  Director                        01937 844 980 
 N+1 Singer 
  Shaun Dobson 
  Jennifer Boorer                 020 7496 3000 
 FTI Consulting 
  Oliver Winters 
  Adam Cubbage                    020 3727 1535 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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