CSLT Cosalt

TIDMCSLT

RNS Number : 6996N

Cosalt PLC

02 October 2012

Cosalt plc

("Cosalt" or the "Company")

Update on Melville Court Case

Further to the announcement on 27 September 2012, the Company announces that the Court of Session in Edinburgh has granted a further extension to enable the legal documentation to be finalised for the settlement that has been agreed in principle between Cosalt and Calum Melville and Stuart Melville. On 25(th) September the Court granted a decree in favour of GTC Group (a wholly owned subsidiary of Cosalt) against Meapac in the sum of GBP2.5m plus interest and expenses.

The settlement terms, with the remaining defenders, are that GTC will be paid GBP2 million by Calum Melville and Stuart Melville of which GBP1 million will be paid immediately in cash and the GBP1 million balance will be paid over an 18 month time period. The payments are to be secured by means of a pledge of the entire share capital of Global Integrated Services, a company wholly controlled by the Melville family. In the event that the amounts to be paid are not made on the due date the share capital of Global will be transferred to GTC. Additionally, no change of control of Global Integrated Services will be allowed until all payments have been made.

The payments will be in full and final settlement of all cases presently brought by the Company against Calum Melville and Stuart Melville and companies associated with them. Calum Melville and Stuart Melville have not admitted to any liability in reaching this settlement.

Enquiries:

 
 Cosalt plc                       Tel: +44 (0) 1472 725560 
  Trevor Sands, Chief Executive 
  Officer 
 

Cardew Group Tel: +44 (0) 207 930 0777

Tim Robertson

This information is provided by RNS

The company news service from the London Stock Exchange

END

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