6th Apr 2005 07:01
D1 Oils Plc06 April 2005 D1 Oils in settlement D1 Oils plc ("D1 Oils") has settled, at no additional cost to the company, aclaim against it of approximately £1 million in respect of a dispute overpayment for services and intellectual property rights with Mr Steve Davis andhis wholly-owned company SIF. Following this successful conclusion, all tiesbetween D1 Oils and Mr Davis are severed and Mr Davis and SIF have confirmedthat all intellectual property rights remain vested in D1 Oils and its tradingsubsidiaries. Under the terms of the settlement: • No further payments are to be made by D1 Oils to SIF or to Mr Davis in respect of their contractual relationships as described in D1 Oils' prospectus. • Mr Davis has agreed to sell his entire holding in D1 Oils of 1.385m shares to the Trustees of the D1 Oils Employee Share Trust for £2.50 per share, a significant discount to the market price at the close price of 377.5p per share on 31 March 2005, the last dealing day before the settlement price was agreed. • For the purposes of the settlement only, D1 Oils' nominated adviser and broker, Bell Lawrie White, released Mr Davis from restrictions imposed upon him at the time of the Company's admission to trading on AIM pursuant to the provisions of a lock in agreement entered into between Mr Davis and Bell Lawrie White and others to ensure an orderly market in D1 Oils' shares. Enquiries: Philip Wood D1 Oils plc 020 7321 3885Kevin Byram/James Crampton Brunswick 020 7404 5959 Notes to Editors: The Trust is a newly established independent employee share trust establishedfor the benefit of such of the employees and former employees of D1 Oils and anysubsidiary and their spouses, widows and widowers, children and step-childrenunder the age of eighteen and in such manner as the Trustees may determine fromtime to time. The consideration for the share purchase was loaned to the Trustees by D1 Oils.D1 Oils has been informed by the Trustees that they intend to repay the loan byan orderly disposal of shares through the Company's nominated adviser andbroker, Bell Lawrie White. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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