Cape plc Employer liability litigation settlement (0235C)
April 10 2017 - 2:00AM
UK Regulatory
TIDMCIU
RNS Number : 0235C
Cape plc
10 April 2017
10 April 2017
Cape plc
("Cape" or the "Company", and together with its subsidiaries,
the "Group")
Employer liability ("EL") litigation settlement
Cape plc (CIU.LN), an international leader in the provision of
critical industrial services to the energy and natural resources
sectors, today issues the following industrial disease claim
update.
The Company has previously disclosed that it has been involved
in litigation with Aviva plc ("Aviva") in relation to historic
insurer employer liability claims ("Insurer EL Claims"). Following
the settlement of the insurer product liability claims that was
announced on 13 March 2017, Cape announces that the Insurer EL
Claims have been settled, with the current claims being withdrawn
with no admission of liability and each party bearing their own
legal costs.
Notwithstanding the Board's continued belief in the strength of
its position in relation to the trial conducted in January and
February 2017 and in respect of the issues to be heard at the Court
of Appeal in July 2017, and thus its recovery of all legal expenses
incurred, the Board has concluded that it is in the best interests
of Cape and its shareholders to settle this litigation. The
settlement does not require any cash consideration to be payable by
the Company and will require no material change in the existing IDC
provision of GBP172.5m as at 31 December 2016.
This announcement contains inside information
Enquiries
Cape plc +44 (0) 1895 459 979
Joe Oatley, Chief Executive
Michael Speakman, Chief Financial Officer
Ian Wood, Head of Investor Relations
Buchanan +44 (0) 207 466 5000
Bobby Morse, Ben Romney, Chris Judd
Forward looking statements
Any forward looking statements made in this document represent
the Board's best judgement as to what may occur in the future.
However, the Group's actual results for the current and future
fiscal periods and corporate developments will depend on a number
of economic, competitive and other factors, some of which will be
outside the control of the Group. Such factors could cause the
Group's actual results for future periods to differ materially from
those expressed in any forward looking statements included in this
announcement. For details of the Group's principal risks and
uncertainties, please see pages 18 to 25 of the Group's 2015 Annual
Report and Accounts.
About Cape:
Cape (www.capeplc.com), which is premium listed on the main
market of the London Stock Exchange, is an international leader in
the provision of critical industrial services principally to the
energy and natural resources sectors. Our multi-disciplinary
service offering includes access, insulation, engineering and
specialist coatings and fireproofing, environmental services, heat
exchanger replacement and refurbishment, storage tanks and
refractory. In 2016, Cape employed c.16,100 people working across
23 countries and reported revenue of GBP863.5 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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