Gama Aviation PLC Litigation Update (8820R)
June 19 2018 - 6:31AM
UK Regulatory
TIDMGMAA
RNS Number : 8820R
Gama Aviation PLC
19 June 2018
19th June 2018
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Litigation Update
Gama Aviation Plc, the global business aviation services
provider, is pleased to announce that the Company has reached an
agreement with the Dryden Parties (Dustin Dryden and associated
entities) to settle the current legal proceedings between the
parties. Accordingly, and pursuant to a consent order sealed in the
High Court today, the current legal proceedings between the parties
have been stayed with immediate effect.
Under the terms of the agreement, which is in full and final
settlement of the current court proceedings between the parties,
the Dryden Parties undertake to withdraw their various damages
claims against the Company, and to transfer value to the Company by
a cash payment and transfer of certain assets; and the Company
undertakes to withdraw its debt recovery claims against the Dryden
Parties.
Other than to the extent disclosed in this announcement the
terms of the agreement are subject to a mutual confidentiality
provision.
The terms of the agreement with the Dryden Parties supports the
Board's previously announced expectation that once all outstanding
litigation is settled, the result will be a net cash inflow to the
Company. Accordingly, other than legal costs which will be included
in exceptional items, the terms of the settlement will have no
impact upon the underlying results of the Company.
ENDS
For further information please visit www.gamaaviation.com or
contact:
Gama Aviation Plc +44 (0) 1252 553029
Marwan Khalek, Chief Executive Officer
Camarco +44 (0) 20 3757 4992
Ginny Pulbrook
Geoffrey Pelham-Lane
Tom Huddart
Jefferies International +44 (0) 207 029 8000
Simon Hardy
Will Soutar
Gama Aviation - Notes to Editors
Gama Aviation Plc (AIM:GMAA) is a global business aviation
services group that specialises in providing support for
individuals, corporations and government agencies; allowing them to
deliver on the promises they make.
The Group's services are split into two divisions: Air and
Ground. Air services include aircraft management, special mission
support and charter. Ground services cover aircraft maintenance
services, aircraft modification design and installation, and Fixed
Base Operations (FBO).
More details can be found at: http://www.gamaaviation.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRLLFFLRDIALIT
(END) Dow Jones Newswires
June 19, 2018 07:31 ET (11:31 GMT)
Gama Aviation (LSE:GMAA)
Historical Stock Chart
From Apr 2024 to May 2024
Gama Aviation (LSE:GMAA)
Historical Stock Chart
From May 2023 to May 2024