Conduit Settles UK High Court Action against BT
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Conduit Settles UK High Court Action against BT
Conduit plc announced today that its whole owned subsidiary Conduit Enterprises
Limited has reached a settlement with BT in relation to a dispute which had
arisen concerning a contract dated 26 February 2002 with BT under which Conduit
agreed to supply directory assistance services to O2 (UK) Limited.
The main terms of the settlement require BT without admission of liability to
pay Conduit stg£4.65million (Euro7.26m) in compensation for lost profits,
damages and legal costs, in return for Conduits withdrawal from High Court
proceedings scheduled for hearing on January 13th next. The O2 contract was not
due to finish until November 2003 at the earliest and this settlement, while
compensating Conduit for loss of future profits from the contract, may also
prevent Conduit from obtaining additional directory enquiry business from O2
(UK) Limited.
As part of the settlement agreement, BT has agreed to withdraw its letter of
termination issued in July last. Both parties have agreed a phased withdrawal
schedule of Conduit from the contract which will be completed in April 2003.
From that date, Conduit will no longer handle directory calls for O2 (UK)
Limited. Conduit considers this to be an acceptable resolution to the dispute.
Enquiries:
Mark Mortell, Fleishman Hillard Saunders+ 353 1 618 8444
The directors of Conduit accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conduit, (who have taken all reasonable care to ensure that such is the case)
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.
end of ad-hoc-announcement (c)DGAP 09.12.2002
--------------------------------------------------
grüße
pitojo.
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
--------------------------------------------------
Conduit Settles UK High Court Action against BT
Conduit plc announced today that its whole owned subsidiary Conduit Enterprises
Limited has reached a settlement with BT in relation to a dispute which had
arisen concerning a contract dated 26 February 2002 with BT under which Conduit
agreed to supply directory assistance services to O2 (UK) Limited.
The main terms of the settlement require BT without admission of liability to
pay Conduit stg£4.65million (Euro7.26m) in compensation for lost profits,
damages and legal costs, in return for Conduits withdrawal from High Court
proceedings scheduled for hearing on January 13th next. The O2 contract was not
due to finish until November 2003 at the earliest and this settlement, while
compensating Conduit for loss of future profits from the contract, may also
prevent Conduit from obtaining additional directory enquiry business from O2
(UK) Limited.
As part of the settlement agreement, BT has agreed to withdraw its letter of
termination issued in July last. Both parties have agreed a phased withdrawal
schedule of Conduit from the contract which will be completed in April 2003.
From that date, Conduit will no longer handle directory calls for O2 (UK)
Limited. Conduit considers this to be an acceptable resolution to the dispute.
Enquiries:
Mark Mortell, Fleishman Hillard Saunders+ 353 1 618 8444
The directors of Conduit accept responsibility for the information contained in
this announcement. To the best of the knowledge and belief of the directors of
Conduit, (who have taken all reasonable care to ensure that such is the case)
the information contained in this announcement is in accordance with the facts
and does not omit anything likely to affect the import of such information.
end of ad-hoc-announcement (c)DGAP 09.12.2002
--------------------------------------------------
grüße
pitojo.
