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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:7953V Birse Group PLC 25 February 2004 Wednesday, 25 February 2004 PRESS RELEASE BIRSE GROUP PLC ("Birse" or "the Company") SUCCESSFUL RESULT TO CITIBANK ADJUDICATION In the interim announcement for the six months ended 31 October 2003 released on 11 December 2003, Birse commented on the adjudication process regarding the contract for construction services with CIB Properties Limited, a Citibankgroup company ("Citibank"), for its new data centre facility at Riverdale, Lewisham. By way of a decision published on 24 February 2004, the adjudicator determined that Birse should pay Citibank approximately #2.1 million. This decision is open to challenge but only by reference to arbitration or litigation. Birse is able to satisfy in full its liability arising from this adjudication from existing bank facilities. The costs incurred by Birse in defending the adjudication are approximately #2 million. These costs and the award will be charged as an exceptional item in Birse's results for the year ending 30 April 2004. The underlying trading performance of the business continues in line with expectations. Peter Watson, ExecutiveChairman of Birse, commented "This decision awards only a fraction of the amount claimed by Citibank and justifies the approach taken by the Board in respect of this complex claim. In addition, this decision removes a high degree of uncertainty over the business and allows us to move forward with greater confidence. As reported in the interims, the Group is in a good position to progress further from the solid platform established over the last three years." - ends - Enquiries: Peter Watson, Executive Chairman Tel: 01302 768 078 Martin Budden, Group Managing Director Birse Group Plc Peter Otero Tel: 020 7831 3113 Financial Dynamics This information is provided by RNS The company news service from the London Stock Exchange END MSCDGGZZVKFGDZG
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