TCLARKE PLC

Legal Proceedings Report • Jul 17, 2017

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RNS Number : 1744L

Clarke(T.) PLC

17 July 2017

17 July 2017

T Clarke plc

Fraud Update

T Clarke plc ("the Company"), the building services group, is pleased to advise that further to the announcement on 31 October 2016 of the discovery of financial irregularities within the accounting function of a wholly-owned subsidiary, DG Robson Mechanical Services Limited ("DGR"), it has reached an out-of-court settlement with a former employee of DGR and related parties in respect of the misappropriated funds.  Under the terms of the settlement agreement, the Company will receive aggregate cash payments of £1.43 million on or before 31 December 2017 (unless the Company agrees to an extension of the final settlement date) in full and final settlement of all claims by the Company and its subsidiaries against the individual concerned and related parties.  

The Company continues to pursue other third parties in order to recover the balance of the misappropriated funds.  It is too early at this stage to estimate the quantum of any further recovery.

For further information contact:

TClarke plc

Mark Lawrence - Group Chief Executive

Martin Walton - Finance Director

David Lanchester - Company Secretary

Tel: 020 7997 7400

www.tclarke.co.uk

N+1 Singer (Financial Adviser and Broker)

Sandy Fraser

Rachel Newton

Tel: 020 7496 3000

www.nplus1singer.com

RMS Partners

Simon Courtenay

Tel: 020 3735 6551

This information is provided by RNS

The company news service from the London Stock Exchange

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