MPS Minorplanet

 

TIDMMPS 
 
RNS Number : 0778Y 
Minorplanet Systems PLC 
27 August 2009 
 
MINORPLANET SYSTEMS PLC (the "Company" and "Minorplanet") 
Refinancing - Litigation Update 
On 6 August 2009 Minorplanet announced a refinancing of Minorplanet comprising a 
GBP1.15 million Placing and an Open Offer of up to approximately GBP2.1 million, 
to be preceded by a share capital consolidation whereby each holding of 20 
existing Ordinary Shares of 1p each will be consolidated into 1 New Ordinary 
Shares of 20p (the "Refinancing"). The full details of the Refinancing including 
a notice of extraordinary general meeting was included in a Circular 
("the Circular") posted to shareholders on 6 August 2009. 
Paragraph 4.2 of Part VI of the Circular contained information relating to a 
judgment in favour of Asbury Park S.A. ("Asbury Park") by the Spanish Court of 
the First Instance for EUR1.2 million including interest and stated that "the 
Company will be lodging an appeal against this judgment based on advice from its 
English and Spanish legal advisers.  Minorplanet has been advised that the 
appeal process will take approximately 2 years and in the meantime Asbury Park 
S.A. is not entitled to recover any part of their claim." 
The Board of Minorplanet have now been informed that contrary to the earlier 
advice stated in the Circular, Asbury Park may apply to the English Courts to 
recognise and enforce the judgment given by the Spanish Court in the UK, 
notwithstanding the fact that it is subject to appeal and notwithstanding the 
fact that Minorplanet was not allowed to raise its defence in those proceedings. 
Minorplanet has been advised that its defence has a very good chance of 
succeeding if it can be put before the Spanish courts. 
Minorplanet's appeal will be lodged before the due date (4 September 2009), 
whilst at the same time it will commence separate proceedings for an order 
upholding its defence to the claim which could not be raised in the earlier 
proceedings. If Asbury Park were to apply for recognition and enforcement of the 
judgment in the meantime, the English Court would have discretion under Article 
46 of Council Regulation 44/2001 of 22 December 2000 to stay the enforcement of 
the judgment pending the outcome of Minorplanet's appeal. 
The Company is currently in discussions with Asbury Park which may or may not 
lead to a settlement of this claim. 
The Company will update shareholders in due course in relation to the 
Refinancing. 
For further information, please contact: 
Minorplanet Systems plc                             0113 346 7733 
Terry Donovan, Chief Executive 
Richard Hopkin, Finance Director 
Shore Capital and Corporate Limited 
Guy Peters/Edward Mansfield                       Tel: 020 7408 4090 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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