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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Birse Grp. | LSE:BIE | London | Ordinary Share | GB0001005684 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.40 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:1851T Birse Group PLC 26 October 2005 For immediate release 26 October 2005 Birse Group plc ("Birse Group") Settlement of Citibank Litigation The Board of Birse Group is pleased to announce that Birse Construction Limited ("Birse") has reached a settlement agreement with CIB Properties Limited ("CIB", a Citibank group company) arising from the termination of the contract for construction services for a new data centre facility at Riverdale, Lewisham (the "Citibank Litigation"). Birse has entered into a legally binding agreement with CIB under which Birse has agreed to pay an amount of #1.22 million together with CIB's costs as assessed but which are currently estimated by Birse to be in the region of #2.0 million, in full and final settlement. This payment is in addition to the sum of #2.3 million previously announced and paid to CIB. The amount is payable in 14 quarterly instalments starting on 1 February 2006 and will bear interest at LIBOR plus 1.5 per cent. The total cost of the settlement (excluding the #2.3 million already paid), together with Birse's own costs, will be charged to the profit and loss account as an exceptional operating item in the current year. The settlement agreement gives Birse Group the option to satisfy up to #720,000 of the liability by way of issue or issues of ordinary shares to CIB by reference to the market price of such shares on the dates such options are exercised. The group interim results for the half year ending 31 October 2005 are expected to be announced on 16 December 2005. Commenting on the agreement, Peter Watson, Executive Chairman said: "My Board colleagues and I are delighted to have reached this settlement with CIB. Through this settlement agreement, we have removed the significant risk to Birse from the uncertainty of a major litigation process and have also now brought to an end the payment of considerable ongoing legal fees that were being incurred. With this major issue fully resolved the Directors are now able to concentrate on accelerating the forward momentum of the Group." Enquiries: Birse Group plc Telephone: 01302 768 078 Peter Watson, Executive Chairman Martin Budden, Group Managing Director Financial Dynamics Telephone: 0207 831 3113 Sally Lewis This information is provided by RNS The company news service from the London Stock Exchange END MSCPUGGWUUPAGGQ
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