Clarkson (Horace) PLC
15 June 2000
HORACE CLARKSON WINS SUBSTANTIAL DAMAGES
FROM SIMPSON SPENCE & YOUNG
Horace Clarkson PLC ('Clarksons'), the leading international shipbroking and
services group, announces today that it has settled the pending court case
with shipbroking firm Simpson Spence & Young ('Simpsons'). The decision
follows an approach from 'Simpsons' offering substantial damages as
compensation for the circumstances surrounding the departure of members of
Clarksons staff to Simpsons.
Clarksons began legal proceedings on the 9 May 2000, following the departure
of two members of staff from their Australian subsidiary, Austral Chartering,
who specialised in sugar broking.
The terms of the settlement are required to be kept confidential and for this
reason cannot be disclosed.
Gary Weston, Director of Horace Clarkson said ' Whilst we were prepared to
settle this action in court, and were confident of a positive outcome for
Clarksons, we can now put this unfortunate episode behind us and can
concentrate on growing our Australian business.'
Graham Michalanney, Managing Director, Austral Chartering, said ' In business
terms the damage caused is limited to the loss of one client and we remain
extremely confident about the future. In the past year the company has far
exceeded our expectations regarding new business and we have a very strong
team with which to continue to grow the business further.'
For further information, please contact:-
Rob Ward Horace Clarkson plc 0207 334 0000
Rebecca Sly Citigate Dewe Rogerson 0207 282 2939