TRBO Turbotec Unres

 

TIDMTRBO 
 
RNS Number : 6535L 
Turbotec Products PLC 
10 May 2010 
 

Press Release 
 
Turbotec Products Plc ("the Company") 
              Court Judgment in relation to Relationship Agreement 
 
The Board is pleased to announce that, following the handing down of judgment in 
Court this morning, the Company has been successful in its defence of the claim 
brought by its majority shareholder Thermodynetics Inc. ('TDYT') in relation to 
the payment of administration fees under the Relationship Agreement of 28 April 
2006 entered into by, amongst others, the Company and TDYT.  Although they 
remain to be finalised in detail, the Company has been awarded substantial 
costs, including an order of payment on account of GBP350,000 by TDYT to the 
Company within the next two weeks. 
 
In his judgment, His Honour Judge Dight, sitting as a Judge of the High Court, 
stated that the annual administration fee had been calculated solely by 
reference to TDYT's cash needs and bore no relation to the services that TDYT 
had claimed to provide, adding that it was clear to him that the provisions of 
the Relationship Agreement for the payment of the administration fee were not a 
genuine transaction but a disguised return of capital. The Judge did not accept 
that the continued funding of TDYT, in order to pay the salaries of Mr. Lerman 
and Mr. Ferraro, was proper. 
 
The Judge also supported the Company's view on its correct interpretation of the 
provisions of the Relationship Agreement and its treatment of the administration 
fee, in that TDYT were entitled to either the administration fee or dividends 
for a particular year, but not both. 
 
The Company's Chairman, Tom Nairn, commented 'we are absolutely delighted that 
our consistent position in protecting the rights of all shareholders has been 
vindicated, and we now look to focus on the task of growing the business and 
delivering real value to all shareholders without any further distractions.' 
 
 
+--------------------------------------+--------------------------+ 
| Turbotec Products Plc                |                          | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| Tom Nairn                            | Tel: +44 (0)1751 474 367 | 
| Chairman                             |  Mobile: +44 (0)7801 457 | 
|                                      |                      530 | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| Evolution Securities Limited         |                          | 
|                                      |                          | 
+--------------------------------------+--------------------------+ 
| Joanne Lake / Peter Steel            | Tel: +44 (0)113 243 1619 | 
| joanne.lake@evosecurities.com        |                          | 
+--------------------------------------+--------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGRBSGDUUSBBGGG 
 

Grafico Azioni Turbotec Products (LSE:TRBO)
Storico
Da Apr 2024 a Mag 2024

Grafico Azioni Turbotec Products (LSE:TRBO)
Storico
Da Mag 2023 a Mag 2024