Business
Fyffes Legal Action
Fyffes Legal Action.
About this update from Dcc Plc
[{"type":"text","content":"\n DCC PLC\n14 January 2008\n\n\n\n\n Clarification of the definition of 'profit'\n in the legal action between Fyffes and DCC\n\n \nDCC plc announces that, following a case management hearing before Judge \nMacMenamin in the Irish High Court this morning in relation to the legal action \ntaken by Fyffes plc against DCC and others under Part V of the Companies Act, \n1990 ('the Act'), Fyffes and DCC are now in agreement on the definition of \nprofit specified by section 109(1)(b) of the Act.\n\nDCC has always believed that the correct definition of the profit to be \naccounted for under section 109(1)(b) is the difference between the actual \nprices at which the shares in Fyffes were sold by the DCC Group in February 2000 \nand the likely hypothetical prices at which those shares would have been sold \nif the information the subject matter of the proceedings had been generally \navailable. Fyffes had previously contended that the profit to be accounted for \nunder section 109(1)(b) comprised the DCC Group's total profit on the original \ncost of the shares.\n\nThe quantification of the profit to be accounted for by DCC to Fyffes is\nexpected to be determined by the Irish High Court later this year. As announced\nin DCC's Interim Report to shareholders on 12 November 2007 the Directors of\nDCC, having taken legal advice, made an exceptional charge of €50 million in\nDCC's accounts for the six months ended 30 September 2007 in order to provide\nadequately for any liability arising from this action.\n\n\n\nFor Reference:\n\nJim Milton\nMurray Consultants\nTel: +353 1 498 0300\n +353 86 255 8400\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]