21st Oct 2005 06:47
ASHTEAD GROUP PLC US COURT OF APPEAL DISMISSES HEAD & ENGQUIST APPEAL, UPHOLDS ORIGINAL JUDGEMENT IN FAVOUR OF SUNBELT Ashtead Group PLC ("Ashtead"), the international equipment rental group servingthe construction, industrial and homeowner markets, announces that the NorthCarolina Court of Appeals has dismissed an appeal by Head & Engquist EquipmentLLC ("H&E") against an earlier ruling in which Ashtead's US subsidiary, SunbeltRentals Inc. ("Sunbelt"), was awarded damages of $15m plus recovery of itslegal costs and pre and post judgement interest. The award is currently securedby a letter of credit in the amount of $20.1 million lodged by H&E with theCourt. H&E has the right to challenge the judgement of the Court of Appeal onor before 22 November 2005.The events subject to litigation date back to 2000, in the period immediatelyprior to Sunbelt's acquisition of BET USA, when H&E executed a plan to developits aerial work platform rental business by raiding over 100 staff from the BPSdivision of BET USA, to open competing rental stores in seven major marketsserved by BPS.The $20 million award has not been reflected in Ashtead's accounts but allSunbelt's litigation costs have been expensed.Contacts:Ashtead Cob Stenham Non-executive Chairman 020 7299 5562 George Burnett Chief Executive ) Ian Robson Finance Director ) 01372 362300 Maitland Brian Hudspith 020 7379 5151 ENDASHTEAD GROUP PLCRelated Shares:
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