Notification of Legal Proceedings (4302Y)
March 01 2012 - 2:00AM
UK Regulatory
TIDMDSN
RNS Number : 4302Y
Densitron Technologies PLC
01 March 2012
Densitron Technologies plc
("Densitron" or the "Company")
Notification of Legal Proceedings
The Board of Densitron announces that the landlord of premises
located at Wallsend, Tyne and Wear, near Newcastle has instigated
legal proceedings against the Company. The premises were occupied
by the Company's former subsidiary, Densitron Ferrograph Limited.
Densitron Ferrograph Limited was sold by the Company in 2006.
The action from the landlord involves seeking rectification of
an existing lease to seek to make Densitron Technologies plc the
tenant under the lease and involves a claim of approximately
GBP300,000 in unpaid back rent. If the action were to succeed there
would also be a liability for unpaid past business rates of
approximately GBP70,000.
The lease of the premises previously occupied by Ferrograph
Limited runs until 2023 and contains provisions for rent reviews in
2013 and 2018 and an outstanding rent review in 2008. The annual
rent on the premises is currently GBP167,000 and the annual
business rates on the premises are currently GBP60,000. The
premises are at present unoccupied.
Densitron, after taking legal advice, intends to defend the
claim vigorously but at this time the outcome cannot be forecast
with any level of certainty. In addition to investigating further
the underlying circumstances, Densitron will be seeking to agree
the reletting of the premises by the landlord on a basis that is
without prejudice to the existing claim to limit the possible
overall liability.
Further information:
Densitron Technologies plc
Grahame Falconer / Tim Pearson
Tel: 0207 648 4200
Westhouse Securities Limited
Tom Price / Martin Davison
Tel: 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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