DCC has 'full confidence' in chairman after judgement in Fyffes case UPDATE |
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Fri, 27 Jul 2007 19:05
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(Adds company comments following board meeting)LONDON (Thomson Financial) - DCC PLC said it has full confidence in Jim Flavin as executive chairman of the company after the announcement earlier today that the Irish Supreme Court upheld an appeal by Fyffes PLC over alleged unlawful share dealing.'In allowing the appeal, the Supreme Court judgment did not affect the HighCourt's finding that the sale of the shares by the DCC Group was not in any waymotivated by the information relating to Fyffes which was in the possession ofJim Flavin and that, accordingly, the sale did not involve any use of thatinformation,' the company said in a statement following a board meeting.Earlier today, DCC said it expects an aggregate liability, including legal costs, of not more than 50 mln eur, following the Supreme Court's ruling.Previously the Irish High Court had found in favour of DCC, two of its subsidiaries -- S&L Investments Ltd and Lotus Green Ltd -- and its chief executive, Jim Flavin, in the case taken by Fyffes seeking an account of profits on the sale of about 31.2 mln shares in Fyffes in 2000 by Lotus Green.DCC said it believes its liability to Fyffes resulting from this judgment will not exceed the difference between the price at which the relevant shares were sold and the price those shares would have realised had the relevant information been generally known.TFN.newsdesk@thomson.comkkb/am/ps/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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DCC sees 50 mln eur costs from Supreme Court judgement in Fyffes case UPDATE 