1st Jul 2008 14:44
Chamberlin plc ("Chamberlin" or the "Company")
Final outcome of nuisance claim
In the Company's preliminary results announcement of 5 June 2008, Chamberlin advised that it was in the final stages of negotiations to settle a long-running claim for nuisance brought by certain residents of a housing development close to the Walsall foundry site. We also advised that a provision of £897,000 had been made within exceptional items in connection with this matter.
These negotiations have now concluded, and Chamberlin has reached an out-of-court full and final settlement with the claimants. Chamberlin has not admitted any liability but believes the settlement to be in shareholders' best interests.
The final cost of the settlement, including legal costs for both sides, amounts to £1,092,000, with the vast majority of this relating to solicitors' costs. The additional £195,000 will be accounted for as an exceptional cost in the Company's 2008/09 results.
Full details of the settlement are bound by a confidentiality agreement.
Enquiries:
Chamberlin plc
Tom Brown, Chairman 01922 707100
Tim Hair, Chief Executive 01922 707100
Landsbanki Securities (UK) Limited
Tom Hulme, NOMAD 020 7426 9000
Citigate Dewe Rogerson
Toby Mountford 07710 356611
Related Shares:
CMH.L