Final outcome of nuisance cla

RNS Number : 0428Y

Chamberlin PLC

01 July 2008

 



Chamberlin plc ('Chamberlin' or the 'Company')

Final outcome of nuisance claim

In the Company's preliminary results announcement of 5 June 2008, Chamberlin advised that it was in the final stages of negotiations to settle a long-running claim for nuisance brought by certain residents of a housing development close to the Walsall foundry site. We also advised that a provision of £897,000 had been made within exceptional items in connection with this matter.

These negotiations have now concluded, and Chamberlin has reached an out-of-court full and final settlement with the claimants. Chamberlin has not admitted any liability but believes the settlement to be in shareholders' best interests.  

The final cost of the settlement, including legal costs for both sides, amounts to £1,092,000, with the vast majority of this relating to solicitors' costs. The additional £195,000 will be accounted for as an exceptional cost in the Company's 2008/09 results.

Full details of the settlement are bound by a confidentiality agreement.

Enquiries:

Chamberlin plc

Tom Brown, Chairman              01922 707100

Tim Hair, Chief Executive        01922 707100

Landsbanki Securities (UK) Limited

Tom Hulme, NOMAD                 020 7426 9000

Citigate Dewe Rogerson

Toby Mountford                   07710 356611

 

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