7th Apr 2006 15:02
DCC PLC07 April 2006 DCC confident that Fyffes has no good grounds for the appeal of its failed legal action Fyffes plc has announced that it intends to lodge an appeal to the Irish SupremeCourt seeking to overturn the decision of the Irish High Court in its failedlegal action against DCC plc and Others taken under Part V of the IrishCompanies Act, 1990. That action was dismissed on the grounds that thedefendants were not in possession of price sensitive information in February2000 as alleged by Fyffes. The Board of DCC viewed Fyffes' original decision to commence proceedings inJanuary 2002 with incredulity. It issued a comprehensive Stock Exchangeannouncement on 24 January 2002 in order to express its clear view to the marketthat the action by Fyffes was wholly unjustified, totally inconsistent withFyffes' own statements and conduct at the relevant time and utterly withoutmerit. The correctness of the Board's view that the defendants were not inpossession of price sensitive information as alleged by Fyffes was fully borneout by the High Court decision of 21 December 2005 and is encapsulated in thejudge's comment that "that outcome on the price sensitivity issue obviates thenecessity to confront the fundamental incongruity in the plaintiff's position,which I have highlighted earlier". The Board of DCC is even more surprised at Fyffes' decision to further pursuethis matter by lodging an appeal to the Supreme Court against the High CourtJudgment. The Appeal will be challenged vigorously and comprehensively. DCC isconfident that there are no good grounds of appeal and that the detailed andconsidered decision of the High Court will be upheld. For reference: Jim Milton, Murray ConsultantsTel. +353 1 4980300 +353 86 2558400 Conor Murphy, Investor Relations Manager, DCCTel. +353 1 2799400Email: [email protected] For further information on DCC: www.dcc.ie This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DCCFFY.L