15th Sep 2014 08:48
LONDON (Alliance News) - Waste management company Augean PLC said Monday that it has received a judgement in its favour in relation to litigation related to the acquisition of HiTech Ltd in 2008.
Augean lodged a claim of up to GBP2.5 million against the former owners of HiTech based on the alleged breach of warranties contained in the sale and purchase agreement for the HiTech deal.
The defendants in the case also lodged a counterclaim against Augean related to the non-payment of a potential earn-out from the transaction of up to GBP0.7 million.
Augean said the judgement upheld its claim against the defendants to the tune of around GBP840,000 and dismissed the counterclaim.
In addition, the defendants have been ordered to pay around GBP600,000 towards the legal costs incurred by Augean.
Augean shares were up 0.7% to 49.34 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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