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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Inveresk | LSE:IVS | London | Ordinary Share | GB0004577697 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMIVS RNS Number : 6689E Inveresk PLC 23 December 2009 Inveresk plc (the "Company") Update and Cancellation from trading on AIM The Board of Directors of Inveresk plc announces that its various business activities have progressed in 2009 in line with plan and in accordance with expectations. Strategic land development remains key to the Company's future ambitions and considerable improvement has been achieved in the international development of the Company's artist and inkjet paper brands. We announced in June 2009 that we expected a favourable outcome to the Appeal Court judgement against Tullis Russell Papermakers Ltd ("TR") for additional consideration owed by TR on which they defaulted in making payment. The outcome of this litigation was highly positive to Inveresk plc with the Appeal Court handing down a robust judgment in our favour. Regrettably but consistent with earlier judgements in our favour TR wanted almost 3 months before intimating their intention to refer the case for further adjudication before the Supreme Court (formerly the House of Lords). Final determination of this case is therefore expected some time after the hearing which is scheduled for the 1st/2nd March 2010. Additional litigation brought by TR against Inveresk plc has to date been only part heard as a result of persistent delays on the part of TR in presenting their evidence to the Court. This case will continue in May 2010 with the outcome expected later in 2010. As detailed to shareholders on 29th June 2009 and as a direct consequence of the above litigation which has been turned into a 4 year marathon by TR, the Directors remain unable to sign off on the Report and Accounts for the year ended 31 December 2008 pending the outcome of the litigation which is material in all respects to the numbers contained therein. Consequently, Inveresk has remained suspended for six months, and, in accordance with AIM Rule 41, the London Stock Exchange will cancel the admission to trading on AIM of Inveresk's ordinary shares (the "Cancellation") with effect from 7:00 a.m. on 30th December 2009 and operate in future as a private company with the same strategic objectives as previously determined. Following the Cancellation Following the cancellation of trading in the Company's shares on AIM, the shares will not be traded on any public market. The Company will not be bound to announce material events, interim or final results, nor to comply with any of the corporate governance requirements for quoted companies. However, the Board wishes to assure shareholders that they remain committed to a high level of transparency and do not intend the cancellation to impact on the level of disclosure of material events currently made to shareholders. As such, the board will post relevant information on the Company's website. They will also hold annual and general meetings in accordance with statutory requirements and the Company's articles. Following the Cancellation, the shares will not be listed on any public market. The Board is aware though that following the Cancellation shareholders may still wish to acquire or dispose of shares and, accordingly, the Company intends to explore the possibility of establishing an appropriate mechanism to allow shareholders to buy and sell shares off market at an agreed price. Further details of any such mechanism will be circulated in due course. For and on behalf of Inveresk plc JAF Walker Chief Executive Officer This information is provided by RNS The company news service from the London Stock Exchange END MSCEXLFLKLBZFBB
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