28th Mar 2014 10:36
LONDON (Alliance News) - Metro Baltic Horizons PLC saw its shares jump Friday after it said it had reached a settlement with former company directors, and will receive GBP2.5 million.
In a statement, the company said it had issued proceedings against former advisors Tolmain Advisory Services Ltd, Metro Capital Management AS, Mart Habakuk, James Kenny, Paul McGuinness, MG Capital Ltd and McGuinness Investments OU, as well as former directors Robin James, Kristel Meos and Gunnar Okk, in the High Court of Justice of the Isle of Man back in October 2012.
It didn't give any details of the proceedings.
Metro Baltic said it has now agreed a final settlement of the proceedings with the former directors and agreed to dismiss all claims against them and will receive GBP2.5 million. The directors have neither admitted liability nor wrongdoing, it said.
Proceedings are continuing against the former advisers, it said.
"The board will revert at the time of the company's AGM to provide further detail in regard of any potential distribution as well as the continued listing of the company," it said.
By Steve McGrath; [email protected]; @SteveMcGrath1
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