Metro Baltic Horizons PLC Settlement Agreement reached with former Auditors (3777G)

TIDMMET

RNS Number : 3777G

Metro Baltic Horizons PLC

06 May 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION

Metro Baltic Horizons plc (MET.L)

("Metro Baltic Horizons" or the "Company")

6 May 2014

Settlement Agreement reached

For immediate release

The board of Metro Baltic Horizons announces that the Company has reached a settlement with its former auditors, Ernst & Young LLC.

The Company and Ernst & Young LLC (EY Isle of Man) have agreed terms for the settlement of proceedings issued by EY Isle of Man against the Company on 4 July 2012 in the High Court of Justice of the Isle of Man, and the Company's counterclaim against EY Isle of Man in those proceedings (the "Proceedings").

Under the terms of the settlement agreement, the Company and EY Isle of Man have agreed to settle their respective claims, and the Company will receive GBP425,000. In entering into this settlement agreement, neither EY Isle of Man nor the Company have admitted liability or wrongdoing.

The Board will revert by the time of the Company's AGM to provide further detail in regard of any potential distribution and indeed the continued listing of the Company.

Enquiries

Metro Baltic Horizons plc.

   Ronan Reid                                                       Tel: [phone] 

S. P. Angel Corporate Finance LLP

   Stuart Gledhill                                                    Tel: [phone] 

Further information

This announcement will be available on MBH's website http://www.metrobaltichorizons.com/ as soon as practicable in accordance with AIM Rule 26.

This information is provided by RNS

The company news service from the London Stock Exchange

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