Densitron Technologies PLC Legal proceedings (2446R)
October 24 2013 - 1:00AM
UK Regulatory
TIDMDSN
RNS Number : 2446R
Densitron Technologies PLC
24 October 2013
Densitron Technologies plc
("Densitron" or the "Group")
Legal proceedings
Densitron Technologies plc ("Densitron" or the "Company" or the
"Group") announces that it has settled the claim made against the
Company by the landlords of the property in Newcastle previously
occupied by a former subsidiary, Densitron Ferrograph Limited.
As previously advised the Company has been working towards a
negotiated settlement and having sought legal advice the Directors'
are satisfied that the agreement reached is in the best interests
of the Company and its Shareholders.
It was agreed that the details of the settlement would remain
confidential but in essence the Company has agreed to a settlement
amount and the rectification of the lease at the current market
rent.
The Board considers that the property is in good condition and
is located in a prime location near to the Tyne tunnel. It has
engaged an agent to market the property on its behalf and the agent
is confident that a tenant or an assignee can be found for the
building in due course.
Jan Holmstrom, Chairman, commented:
"The settlement that has been agreed is in the best interests of
the Group as a whole and will now enable the Board and management
to concentrate on driving the business forward".
Enquiries:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Martin Davison
Tel: 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
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