21st Dec 2005 11:52
DCC PLC21 December 2005 IRISH HIGH COURT FINDS IN DCC's FAVOUR DCC plc ("DCC") welcomes the judgment by the Irish High Court today in favour ofDCC, two of its subsidiaries, S&L Investments Limited and Lotus Green Limited("Lotus Green"), and its Chief Executive, Jim Flavin, in the case taken againstthem by Fyffes plc ("Fyffes") under Part V of the Irish Companies Act, 1990("the Act"), seeking an account of profits arising on the sale of 31,169,493shares in Fyffes in February 2000 by Lotus Green, DCC's Dutch managed andcontrolled subsidiary. In dismissing Fyffes' claim against all of the defendants the Court held thatthe share sales were entirely lawful and that none of the defendants has anyliability arising from the sales of the shares in Fyffes in February 2000. When legal proceedings were first initiated by Fyffes on 24 January 2002 theBoard of DCC made a Stock Exchange announcement expressing its clear view thatFyffes' claim was wholly unjustified, totally inconsistent with Fyffes' ownactions at the time and utterly without merit and that the sale of shares inFyffes plc in February 2000 by Lotus Green was undertaken with absolutepropriety. The Board of DCC believes that today's judgment vindicates that view. For Reference: Jim MiltonMurray ConsultantsTel.: +353 1 498 0300 +353 86 255 8400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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