21st Dec 2005 12:15
Fyffes PLC21 December 2005 Stock Exchange Announcement Fyffes is considering appealing High Court decision In January 2002, Fyffes plc initiated a legal action in the High Court in Dublinagainst DCC plc, S&L Investments Limited, Mr Jim Flavin and Lotus Green Limitedclaiming that the sale of 31,169,493 ordinary Fyffes shares between 3 Februaryand 14 February 2000 constituted an unlawful dealing within the meaning of PartV of the Companies Act 1990. In the High Court today, Wednesday, 21 December 2005, Ms Justice Laffoydetermined that DCC plc, Mr Jim Flavin and the other defendants dealt in Fyffesshares in February 2000 within the meaning of the Act, but also determined thatMr Jim Flavin was not in possession of information relating to Fyffes that wasnot generally available but, if it were, would have been likely to materiallyaffect the price of those shares. Consequently, the dealing in Fyffes shares inFebruary 2000 did not constitute an unlawful dealing within the meaning of theAct. The Board of Fyffes plc is disappointed with this decision. Following thoroughconsideration of all the issues involved, the Board took a unanimous decision tobring this legal action on the basis of strong legal advice as to the Board'sfiduciary responsibilities to its shareholders and as to the merits of the case. Fyffes is consulting with its legal advisors and considering an appeal oftoday's decision to the Supreme Court. The Board and management of Fyffes remain focused on developing the Group intothe most successful operator in the global fresh produce industry. The case,including any appeal process, will continue to be managed by a dedicated team,enabling senior management to concentrate on running the business and onachieving Fyffes' strategic goals. 21 December 2005 Ends For further information please contact: Drury CommunicationsBilly Murphy Tel: +353-1-260 5000 / Mobile: +353-87-231 3085Anne-Marie Curran Tel: +353-1-260 5000 / Mobile: +353-87-286 4079 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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