REG - Northern Bear Plc - Notice of Legal Claim

Northern BearAnnouncement

29/12/2021 07:00

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RNS Number : 8626W  Northern Bear Plc  29 December 2021

29 December 2021

Northern Bear plc

("Northern Bear" or the "Company")

Notice of legal claim

 

The board of directors of Northern Bear plc (the "Board") is disappointed to
announce that one of the Company's subsidiaries, Springs Roofing Limited
("Springs"), has received notice of formal court proceedings regarding a claim
by Engie Regeneration (FHM) Limited ("Engie") in the sum of £1.9 million.

The potential claim was disclosed as a contingent liability in the Company's
annual report and accounts for the year ended 31 March 2021 as follows:

"One of the Group's subsidiary companies, Springs Roofing Limited, received
correspondence during the year regarding a potential claim of up to £2
million on a roofing contract.  The work was undertaken over a two year
period from April 2009 to March 2011.  The Directors of Springs Roofing have
reviewed the correspondence and believe that any claim would be entirely
without merit.  This position of the Directors is supported by third party
technical expert and legal advice taken which suggests that the customer would
have great difficulty in making a successful claim.  All correspondence to
date has taken the form of pre action protocol and, should any formal
proceedings be issued, Springs Roofing will vigorously defend the claim.
Accordingly, no provision has been made in the Group's accounts for this
matter."

Correspondence with Engie has continued during 2021 in the form of pre action
protocol but Engie has not, prior to the issue of proceedings, provided any
information that would change Springs' position.

The Directors of Springs intend to defend the claim vigorously and are in the
process of reviewing the claim documents alongside their legal advisers.
Further updates will be issued as appropriate.

 

For further information, please contact:

 Northern Bear PLC                                     +44 (0) 166 182 0369

 Jeff Baryshnik - Non-Executive Chairman

 Tom Hayes - Finance Director

 Strand Hanson Limited (Nominated Adviser and Broker)  +44 (0) 20 7409 3494

 James Harris

 James Bellman

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018.

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