Update and Cancellation from trading on AIM


 

TIDMIVS 
 
RNS Number : 6689E 
Inveresk PLC 
23 December 2009 
 

Inveresk plc (the "Company") 
Update and Cancellation from trading on AIM 
The Board of Directors of Inveresk plc announces that its various business 
activities have progressed in 2009 in line with plan and in accordance with 
expectations. 
Strategic land development remains key to the Company's future ambitions and 
considerable improvement has been achieved in the international development of 
the Company's artist and inkjet paper brands. 
We announced in June 2009 that we expected a favourable outcome to the Appeal 
Court judgement against Tullis Russell Papermakers Ltd ("TR") for additional 
consideration owed by TR on which they defaulted in making payment. The outcome 
of this litigation was highly positive to Inveresk plc with the Appeal Court 
handing down a robust judgment in our favour. 
Regrettably but consistent with earlier judgements in our favour TR wanted 
almost 3 months before intimating their intention to refer the case for further 
adjudication before the Supreme Court (formerly the House of Lords). Final 
determination of this case is therefore expected some time after the hearing 
which is scheduled for the 1st/2nd March 2010. 
Additional litigation brought by TR against Inveresk plc has to date been only 
part heard as a result of persistent delays on the part of TR in presenting 
their evidence to the Court. This case will continue in May 2010 with the 
outcome expected later in 2010. 
As detailed to shareholders on 29th June 2009 and as a direct consequence of the 
above litigation which has been turned into a 4 year marathon by TR, the 
Directors remain unable to sign off on the Report and Accounts for the year 
ended 31 December 2008 pending the outcome of the litigation which is material 
in all respects to the numbers contained therein. Consequently, Inveresk has 
remained suspended for six months, and, in accordance with AIM Rule 41, the 
London Stock Exchange will cancel the admission to trading on AIM of Inveresk's 
ordinary shares (the "Cancellation") with effect from 7:00 a.m. on 30th December 
2009 and operate in future as a private company with the same strategic 
objectives as previously determined. 
Following the Cancellation 
 
Following the cancellation of trading in the Company's shares on AIM, the shares 
will not be traded on any public market. The Company will not be bound to 
announce material events, interim or final results, nor to comply with any of 
the corporate governance requirements for quoted companies. 
However, the Board wishes to assure shareholders that they remain committed to a 
high level of transparency and do not intend the cancellation to impact on the 
level of disclosure of material events currently made to shareholders. As such, 
the board will post relevant information on the Company's website. They will 
also hold annual and general meetings in accordance with statutory requirements 
and the Company's articles. 
 
 
Following the Cancellation, the shares will not be listed on any public 
market. The Board is aware though that following the Cancellation shareholders 
may still wish to acquire or dispose of shares and, accordingly, the Company 
intends to explore the possibility of establishing an appropriate mechanism to 
allow shareholders to buy and sell shares off market at an agreed price. Further 
details of any such mechanism will be circulated in due course. 
 
 
For and on behalf of Inveresk plc 
JAF Walker 
Chief Executive Officer 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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