HEP Hephaestus

TIDMHEP

RNS Number : 0889Z

Hephaestus Holdings PLC

07 January 2011

Hephaestus Holdings plc ("Hephaestus" or the "Company")

Settlement of outstanding litigation

As set out in the Company's Circular to Shareholders of 21st October 2010, a group subsidiary has been pursuing a claim for unpaid fees against a former customer.

On 5th January 2011, the subsidiary reached an out-of-court settlement with this former customer resulting in the subsidiary receiving a payment of GBP300,000 in full and final settlement of the claim, including all costs and expenses. The resolution of how this settlement payment will be applied to satisfy various potential but significant outstanding costs related to the claim has yet to be determined. These costs may significantly reduce any potential net benefit to the Company from the settlement.

The Board of Hephaestus is nevertheless extremely pleased that an expensive and time-consuming legal process has been brought to an end, which will allow the Board to concentrate fully on the execution of the Company's Investing Policy to acquire businesses in the industrial technology sector.

Enquiries:

 
     Hephaestus Holdings plc                   Tel: 020 3416 3226 
     Chris Brown, Non-executive Chairman 
     College Hill                              Tel: 020 7457 2020 
     Jamie Ramsay 
     Collins Stewart Europe Limited            Tel: 020 7523 8350 
     Stewart Wallace 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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