4th Jan 2005 10:26
Kingspan Group PLC04 January 2005 For Immediate Release 4 January 2005 Kingspan Group PLC Notice of Settlement Kingspan Group PLC, a major manufacturer of an integrated range of products forthe construction industry, today announces that a settlement agreement has beenreached with the former shareholders of Tate Global Corporation with respect toa dispute arising from the sale of Tate Global Corporation to Kingspan inJanuary 2001. The settlement includes a $36,000,000 reduction to the purchase price of thestock of Tate Global Corporation purchased by Kingspan. In the context of thesettlement, the parties acknowledge that the reduction in purchase price willresolve all disputes arising from an arbitration award in October 2003, in whichtwo arbiters (against one dissent) made certain findings that were stronglycontested by the former Tate Global Corporation shareholders. These findingspropelled the dispute into the federal courts. This settlement ends all pendinglitigation as well as any assertions of wrongdoing on the part of the formerTate Global Corporation shareholders in connection with the sale of their stock. In furtherance of the settlement, Kingspan has received and booked $36,000,000in its 2004 accounts. For further information please contact: Murray Consultants Tel: +353 1498 0300Donnchadh O'Neil Buchanan Communications Tel: +44 (0) 20 7466 5000Tim Thompson/Jeremy Garcia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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