Worthington Group PLC Conditional Fee Agreement (1555D)
April 24 2013 - 10:09AM
UK Regulatory
TIDMWRN
RNS Number : 1555D
Worthington Group PLC
24 April 2013
Worthington Group Plc
24th April 2013
FOR IMMEDIATE RELEASE
Worthington Group Plc (the "Company") - Conditional Fee
Agreement
Conditional Fee Agreement
The Company is pleased to announce that Law Financial Ltd ("Law
Financial"), its 26% owned associate, has now entered into a
Conditional Fee Agreement in relation to claims that Law Financial,
through its subsidiary Sevco 5088 Ltd and separately, has to all of
the business and assets of The Rangers Football Club ("Rangers")
which were purchased from the Administrators of RFC 2012 Plc by
Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012.
The principle terms of the Conditional Fee Agreement are as
follows:
Solicitors and Leading Counsel acting for Law Financial will
share 7.5% of the recently issued and to be issued unsecured
convertible loan stock and up to 18.5% of any successful claim in
relation to the business and assets of Rangers.
The Company notes the announcement made on 22 April 2013 by
Rangers International Football Club Plc ("RIFC") in which, contrary
to other recent public announcements and statements by Mr Green and
RIFC, RIFC now, five months after the publication of the Admission
Document published for its flotation, claim to own Sevco 5088
Ltd.
We also note today's announcement by RIFC, and would like to
confirm that solicitors, acting for the Company and Law Financial,
are in a position to provide compelling evidence that Messrs Green
and Ahmad received a letter before claim in December 2012, having
received previous correspondence, and chose to ignore it.
In the light of recent public admissions by Mr Green, including
his admission that he and Mr Ahmad deceived Mr Whyte, a fresh
letter before claim is being prepared against, inter alios, The
Rangers Football Club Ltd and Messrs Green and Ahmad. This letter
will include additional or alternative causes of action to those
already particularised in the December 2012 letter.
The shares in RIFC purportedly owned by Messrs Green and Ahmad
will also be the subject of this claim.
During the course of the Company's due diligence process,
relating to its purchase of a stake in Law Financial, information
has been discovered relating to the conduct of Mr Charles Green and
Mr Imran Ahmad, this has today been reported to the Serious Fraud
Office.
Enquiries:
Douglas Ware, CEO Worthington Group Plc:
dougware@worthingtongroupplc.co.uk
Anne Alesbury, PD Cosec Limited,
Company Secretary, Worthington Group Plc on 0208 940 0963
This information is provided by RNS
The company news service from the London Stock Exchange
END
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