Safestyle UK PLC Update: Filing of Legal Claim & Directorate Change (4473P)

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RNS Number : 4473P

Safestyle UK PLC

29 May 2018

29 May 2018

Safestyle UK PLC

("Safestyle" or the "Group")

Update on Filing of Legal Claim

and Directorate Change

Update on Filing of Legal Claim

Further to the announcement on 21 May 2018 and following a court hearing on 25 May 2018, Safestyle UK PLC provides an update having issued a claim seeking injunctive relief and damages against NIAMAC Developments Ltd (trading as Safeglaze UK) and a number of named individuals. The claim was made in the Business and Property Courts of England & Wales, on the Intellectual Property list.

The claim asks the Court to determine whether Safestyle is entitled to injunctive relief and damages from what the Group considers to be passing off, the misuse of confidential information, unlawful means conspiracy and malicious falsehood.

Safestyle also applied for urgent interim relief, pending the trial of this matter. The first hearing of that application took place on 25 May 2018.

At the hearing, the Court made a number of Orders against Safeglaze UK and certain named individuals. Those Orders have been made on an interim basis, pending further order or final order of the Court. They include a number of injunctive orders preventing Safeglaze UK and certain named individuals from undertaking various actions, and an order requiring them to provide specified documents to Safestyle UK PLC.

A further hearing concerning outstanding matters raised in Safestyle UK PLC's application for interim injunctive relief will be heard during the week commencing 9 July 2018.

Directorate Change

Safestyle also announces the resignation of Chairman Peter Richardson with immediate effect. Peter assumed the role of Chair at short notice but it has become clear that the specific challenges currently facing the business and the time commitment required are beyond what he envisaged. The Board will now seek a replacement Chairman with the requisite time, experience and turnaround skills. Chris Davies, current Senior Non Executive Director and former CEO of SIG PLC will lead the search process for a successor.

Chris Davies, Senior Non Executive Director of Safestyle UK PLC, commented:

"I would like to take this opportunity, on behalf of the Board, to thank Peter for his time and efforts since joining Safestyle in July 2016. Peter recently stepped into the Chairman role at short notice and has devoted a significant amount of time to support the business. He made a strong contribution to the Board during what has been a challenging time and we wish him luck in his future endeavours.

"We are pleased with the outcome of the hearing and, although we are disappointed to see Peter go, the Board now has the opportunity to appoint a Chairman with the requisite time, experience and turnaround skills at what is a timely juncture. The incoming Chairman will, amongst other responsibilities, lead the process of reinforcing the Board with a new contingent of NEDs to complement existing skillsets.

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Enquiries:

 
 Safestyle UK plc                     via FTI Consulting 
  Mike Gallacher, Chief Executive 
  Officer 
 Zeus Capital (Nominated Adviser      Tel: [phone] 
  & Joint Broker)                      5000 
  Nick How / Dominic King / Richard 
  Short 
 Liberum Capital Limited (Joint       Tel: [phone] 
  Broker)                              2100 
  Neil Patel / Jamie Richards 
 FTI Consulting (Financial PR)        Tel: [phone] 
  Alex Beagley / James Styles          1000 
  / Laura Saraby 
 

About Safestyle UK plc

The Group is the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market. For more information please visit www.safestyleukplc.co.uk or www.safestyle-windows.co.uk.

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END

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May 29, 2018 02:01 ET (06:01 GMT)