Galasys PLC Suspension of Jersey Proceedings (6002V)

TIDMGLS

RNS Number : 6002V

Galasys PLC

19 April 2016

Galasys plc

("Galasys" or the "Company")

Suspension of Jersey Proceedings

Galasys announces that the Jersey court hearings scheduled to commence on 18 April 2016 and which were referred to in the Company's RNS dated 22 January 2016, did not commence yesterday pending discussions between the parties who are in dispute with a view to achieving a resolution to all disputed matters. Unfortunately, those discussions have now ceased without agreement. Accordingly, it is now anticipated that there will be a directions hearing on Tuesday 26 April 2016 at which a new date will be fixed for the trial of the Jersey proceedings and a further announcement will follow thereafter.

The Board also announces that on 18 April 2016 in Kuala Lumpar, Malaysia, the court dismissed an injunction against the Company and the 3 defendants, namely Garry Peagam, Vincent Lai and Kim Seng The, and also set aside the writ and statement of claim against Kim Seng Teh as one of the defendants in the Kuala Lumpar proceedings. It is understood that an appeal has been lodged.

For further information, please contact:

 
 Galasys plc 
  Kim Seng Teh 
  Sean Seah                                 + 6032858 9959 
 WH Ireland (Nominated Advisor & Broker) 
  Adrian Hadden/Mark Leonard                0207 220 1666 
 Newgate (Financial PR) 
  Adam Lloyd/Bob Huxford/Helena Bogle       0207 653 9850

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 19, 2016 02:24 ET (06:24 GMT)

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