D1 Oils Plc
06 April 2005
D1 Oils in settlement
D1 Oils plc ('D1 Oils') has settled, at no additional cost to the company, a
claim against it of approximately £1 million in respect of a dispute over
payment for services and intellectual property rights with Mr Steve Davis and
his wholly-owned company SIF. Following this successful conclusion, all ties
between D1 Oils and Mr Davis are severed and Mr Davis and SIF have confirmed
that all intellectual property rights remain vested in D1 Oils and its trading
Under the terms of the settlement:
• No further payments are to be made by D1 Oils to SIF or to Mr Davis in
respect of their contractual relationships as described in D1 Oils'
• Mr Davis has agreed to sell his entire holding in D1 Oils of 1.385m
shares to the Trustees of the D1 Oils Employee Share Trust for £2.50 per
share, a significant discount to the market price at the close price of 377.5p
per share on 31 March 2005, the last dealing day before the settlement price
• For the purposes of the settlement only, D1 Oils' nominated adviser
and broker, Bell Lawrie White, released Mr Davis from restrictions imposed
upon him at the time of the Company's admission to trading on AIM pursuant to
the provisions of a lock in agreement entered into between Mr Davis and Bell
Lawrie White and others to ensure an orderly market in D1 Oils' shares.
Philip Wood D1 Oils plc 020 7321 3885
Kevin Byram/James Crampton Brunswick 020 7404 5959
Notes to Editors:
The Trust is a newly established independent employee share trust established
for the benefit of such of the employees and former employees of D1 Oils and any
subsidiary and their spouses, widows and widowers, children and step-children
under the age of eighteen and in such manner as the Trustees may determine from
time to time.
The consideration for the share purchase was loaned to the Trustees by D1 Oils.
D1 Oils has been informed by the Trustees that they intend to repay the loan by
an orderly disposal of shares through the Company's nominated adviser and
broker, Bell Lawrie White.
This information is provided by RNS
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