Augean Plc Settlement of dispute (0968E)

TIDMAUG

RNS Number : 0968E

Augean Plc

13 July 2016

13 July 2016

Augean plc

("Augean" or "the Group")

Settlement of dispute

In its preliminary results announcement on 22 March 2016, the Group indicated it was involved in a commercial dispute with a customer, which arose in the ordinary course of business, and the customer had indicated its intention to bring a claim against the Group in relation to that matter.

The Group has now settled the matter, without a legal claim being made, the detailed terms of which are subject to a confidentiality agreement. The total cost of the settlement, including amounts paid to the customer, adviser fees and other related costs, is approximately GBP1.1 million and will be treated as an exceptional item in the income statement of the Group. A cash outflow of GBP1.0 million occurs during 2016 and GBP0.1 million of cash outflow will occur in the first half of 2017, in respect of this settlement.

-Ends-

For further information, call:

 
 Augean plc 
  Dr Stewart Davies, Chief 
  Executive 
  Richard Laker, Group Finance 
  Director                        01937 844 980 
 N+1 Singer 
  Shaun Dobson 
  Richard Lindley 
  Jennifer Boorer                 020 7496 3000 
 FTI Consulting 
  Oliver Winters 
  Adam Cubbage                    020 3727 1000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 13, 2016 08:08 ET (12:08 GMT)