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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Metic Grp | LSE:METC | London | Ordinary Share | IE00B3CGTD23 | ORD EUR0.0025 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMETC RNS Number : 1039T Metic Group plc 01 June 2009 METIC Group Plc Company Update Metic Group PLC (AIM: METC), ("Metic", "the Company" or "the Group"), the building systems and products group, today notifies Shareholders that it today has begun legal proceedings against Northern & Western Insurance Company Limited ("N&W"). Metic alleges that as a result of N&W's complete failure to deliver funds in accordance with the contracted and guaranteed Stand-by Letter of Credit, Metic's UK based subsidiary, Melayway Glass ("Melayway"), has incurred a series of penalties on domestic contracts in the UK which has had a material impact on the performance of its Melayway subsidiary during the last quarter. However, the recently announced Queen Mary & Westfield College University has not been affected to date. The Company also informs Shareholders that as a result of the above it has appointed accountants, Tenon, to conduct a full review of the Group's activities which may or may not result in the closure of the Melayway subsidiary. Based in Stourbridge, Melayway is primarily responsible for carrying out Metic's UK based steel and glass constructions projects. Metic's growing overseas business, which is operated through its Space Decks and Portal divisions, is in no way materially affected by the N&W position. As announced, the Group has recently won contracts in the Arab Emirates and Barbados and is continuing to build a strong pipeline of overseas contracts. Metic is seeking in excess of GBP10 million in damages from N&W through the legal action based on the actual and consequential losses it believes its UK operations has suffered as a result of N&W's failure to perform. Following the completion of Tenon's review, the Company will provide a full update to Shareholders. Paul Williams, CEO of Metic, commented, "The impact of N&W's total and unforeseen failure to deliver funds has been severe. However, the losses are fully limited to just the domestic market and our Melayway subsidiary. Metic's overseas operations continue to progress well - having recently won significant contracts in the Middle East and Barbados. Further, we continue to enjoy the full support of our Bank during what has proven to be a testing period for the business." Further information: Ireland K Capital Source Jonathan Neilan T: +353 1 663 3686 UK Joint Brokers Old Park Lane Capital PLC Forbes Cutler T: +44 20 749 38188 Seymour Pierce John Depasquale T : +44 207 10 78000 UK Media gth Communications Toby Hall/Christian Pickel T: +44 207 153 8039 This information is provided by RNS The company news service from the London Stock Exchange END MSCEAXKFEFDNEEE
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