Statement re legal action (1133Z)
March 12 2012 - 2:00AM
UK Regulatory
TIDMWRN
RNS Number : 1133Z
Worthington Group PLC
12 March 2012
For immediate release 12 March 2012
Worthington Group Plc
("Worthington" or "the Company")
Statement re legal action by pension fund trustees to recover
funds from the Administrators of Glasgow Rangers Football Club.
The trustees (" the Trustees") of the Jerome Group plc Pension
Fund ("Pension Fund") have informed the Company that they are
co-claimants in proceedings which have been brought in the High
Court to determine the proper ownership of funds in the hands of
solicitors acting for the Administrators of Glasgow Rangers
Football Club (the "Club").
The Trustees had provided funds amounting to GBP2.925 million to
solicitors acting for the Club when considering the possibility of
making a fully secured loan. These funds were being held to the
specific order of the Trustees. The Trustees gave no authority to
the Club's solicitors to release the funds and the sums held until
recently in the Club's solicitors account (and since transferred to
the Administrators' solicitors' account pending resolution of the
current litigation) include the fund of GBP2.925 million held to
the Trustees' order. However the Trustees now understand that the
funds may have been the subject of an unauthorised release to the
Club in breach of this undertaking prior to the Club entering
Administration.
The Trustees have acted at all times in accordance with very
detailed legal advice. The Trustees also obtained favourable
independent commercial advice concerning the proposed advance, as
required by the Pensions Act, from an independent firm authorised
and regulated by the Financial Services Authority to provide such
advice.
The Trustees have been advised by their lawyers that they have a
very good claim for recovering the funds from the Administrators
and/or the solicitors. In the event that there is any change to the
legal advice we will update the market accordingly.
It is confirmed, in the light of press speculation, that Liberty
Capital Limited (a company associated with Mr Craig Whyte) holds
7.54% of the Company's issued share capital. Mr Whyte has no
involvement in the management of the Company or the Pension Fund.
The Trustees also confirmed that they sought and obtained specific
legal confirmation that this holding did not prejudice their
ability to advance the funds if that had ultimately been their
decision.
As the matter is subject to litigation no further comment can be
made at this stage.
Website: www.worthingtongroupplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBKDDDBBKBBND
Worthington (LSE:WRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Worthington (LSE:WRN)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Worthington Group Plc (London Stock Exchange): 0 recent articles
More Worthington Group News Articles