Business
Litigation settlement agreeme
Litigation settlement agreeme.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n RNS Number : 1790Y Cadogan Petroleum PLC 17 December 2010 \n \n\n17 December 2010 \n \n \nCadogan Petroleum PLC (\"Cadogan\" or the \"Company\")\n \nLitigation settlement agreement\n \nCadogan announces that it has entered into a settlement agreement with its former Chief Executive Officer, Mark Tolley and five other parties associated with him. Under the terms of the settlement the dispute between the parties announced on 26 June 2009 has been concluded. As a result of the settlement Cadogan will receive cash and assets to the value of approximately US$4 million; this includes the release to Cadogan of funds of approximately US$3 million held by the English Court following a settlement with other parties earlier this year. These assets will be realised during 2011. As a result, Cadogan will withdraw its action against Mr Tolley and the other parties and Mr Tolley and another party will also withdraw their counterclaim. No party has admitted any liability or any wrongdoing.\n \nLitigation against VP Vivcharyk, the former Chief Operating Officer, and certain other defendants remains ongoing.\n \n \nEnquiries\n \n\n\n\n\nCadogan Petroleum Plc\n\n\n\n\n\n+ 44 20 7245 0801\n\n\n\n\nStefan Bort, Company Secretary\n\n\n\n\n\n\n\n\n\n\nMatrix\n\n\n\n\n\n+44 20 3206 7000\n\n\n\n\nRobin Henshall\n\n\n\n\n\n\n\n\n\n\nJames Pope\n\n\n\n\n\n\n\n\n\n\nBankside Consultants\n\n\n\n\n\n+44 20 7367 8888\n\n\n\n\nSimon Rothschild\n\n\n\n\n\n\n\n\n\n\n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGGGCCPUPUGUM \n ","length":4736,"tagName":"div"}]