Statement re Arbitration with De La Rue Giori
De La Rue PLC
16 November 1999
STATEMENT REGARDING ARBITRATION PROCEEDINGS AGAINST DE LA RUE plc ON BEHALF OF
DE LA RUE GIORI SA
De La Rue plc is a 50% shareholder in its associate company, De La Rue Giori
SA, the leading supplier of currency printing presses. Dynavest SA, the other
shareholder, and M. Roberto Giori, the chairman of De La Rue Giori, have
notified De La Rue that they are proceeding with arbitration against De La
Rue. The claims on behalf of the joint venture concern differences of opinion
about the correct interpretation of certain provisions of a shareholders'
agreement, in particular relating to the sharing of technology. The claims on
behalf of De La Rue Giori, to the extent that they have been quantified, are
for approximately £125 million but they have neither been fully particularised
nor pleaded.
De La Rue does not believe that there is substance to any of the claims, which
it will vigorously defend, nor that they will have a significant effect on the
financial position of the De La Rue Group.
De La Rue confirms that it will announce on 23 November 1999 its interim
results for the six months ended on 2 October 1999 together with further
details on the return of capital.
16 November 1999
Enquiries:
Paul Hollingworth, Finance Director 01256 605 326
Mark Fearon, Head of Corporate Affairs 01256 605 303
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