Cape to Pay Up to GBP52.5 Million to Settle Litigation Claims
March 13 2017 - 4:57AM
Dow Jones News
LONDON--Cape PLC (CIU.LN) said Monday it will pay up to 52.5
million pounds ($63.3 million) to settle the litigation which
relates to product liability claims.
The litigation was funded by Aviva PLC (AV.LN), RSA Group
(RSA.LN) and Zurich Insurance Group (ZURN.EB), said the provider of
industrial services.
The company will pay first GBP18 million, and then a deferred
payment of up to GBP34.5 million from 2018 to 2023, from its cash
resources.
Cape has until now been paying GBP30 million to those who have
become ill or to their dependents from its asbestos activities.
Shares at 0825 GMT up 5.75 pence, or 2.7%, at 178 pence valuing
the company at GBP216 million.
-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter
@OlgaCotaga
(END) Dow Jones Newswires
March 13, 2017 04:42 ET (08:42 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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