14th Jun 2016 08:46
LONDON (Alliance News) - Watchstone Group PLC said it has received US court approval for the settlement of litigation regarding its acquisition of Navseeker Inc.
Navseeker is a subsidiary of Himex Ltd, a wholly-owned subsidiary of Watchstone.
The approval from a Delaware court concludes the agreement of terms to settle the litigation that was provisionally agreed in March 2015, Watchstone said, and the acquisition of the 11.67% stake in Navseeker the company does not already own.
Watchstone noted that the settlement was made without admission of liability. However, given the alternative of a protracted and expensive continuation of the litigation, it has decided this is the best course of action in the circumstances.
As a result of the time that has elapsed since the provisional agreement of the settlement, it has agreed with court approval to change the proposed settlement.
It will now settle the litigation and acquire the shares for a total of USD2.75 million in cash, and will not issue any shares as part of the settlement as had been originally agreed.
Shares in Watchstone were down 0.1% at 209.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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