REG - Reach PLC - Reach plc update on Historical Legal Issues

ReachAnnouncement

15/12/2023 11:45

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RNS Number : 0069X  Reach PLC  15 December 2023

15 December 2023

Reach plc update on Historical Legal Issues

For Immediate Release

 

On Friday 15th December 2023, Mr Justice Fancourt handed down the judgment in
the 'Duke of Sussex and others v MGN Limited' case relating to the claims of
four test claimants against MGN Limited for damages and other relief in
respect of historical legal issues.

 

The detailed judgment found that following MGN's widely-publicised admission
of historical wrongdoing in September 2014, claimants ought to have been aware
they had a potential claim within, at the most, a few weeks. As a result of
this ruling all claims issued after 31 October 2020 are now likely to be
dismissed other than where exceptional circumstances apply.

 

In respect of the two test claims which were served before 31 October 2020,
the Judge awarded the Duke of Sussex £140,600 (against a total of £443,025
sought in court) and Mr Michael Turner £31,650 (against a total of £136,250
sought in court). The level of these awards will assist the parties to
calculate the appropriate level of damages for the remaining cases not
impacted by the time limitation.

 

Impact on historical legal issues provision £45.4m¹

The provision for historical legal issues provides for known claims, potential
future claims and common costs. The impact of the judgment on legal limitation
is expected to reduce the number of live claims, and substantially limit and
bar all or most future claims. Full details will be reported in the full year
results².

 

Jim Mullen Chief Executive:

"We welcome today's judgment that gives the business the necessary clarity to
move forward from events that took place many years ago.

"Where historical wrongdoing took place, we apologise unreservedly, have taken
full responsibility and paid appropriate compensation."

 

Notes:

¹ - Reported in the 2023 Half year results 25 July 2023

² - 2023 Full year results 5 March 2024

 

This announcement includes inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018. The person responsible for
arranging for the release of this announcement on behalf of the Company is
Lorraine Clover, Group Company Secretary.

 

Enquiries

 

 Reach                                                communications@reachplc.com
 Jim Mullen, Chief Executive Officer
 Darren Fisher, Chief Financial Officer

 Lorraine Clover, Group Company Secretary

 Lija Kresowaty, Head of External Communications
 Jo Britten, Investor Relations Director              +44 (0)7557 557447

 Teneo                                                reachplc@teneo.com
 David Allchurch/Giles Kernick                        +44 (0)207 353 4200

 

About Reach

We're Reach plc, the UK's and Ireland's largest commercial news publisher.
We're home to more than 130 trusted brands, from national titles like the
Mirror, Express, Daily Record and Daily Star, to local brands like MyLondon,
BelfastLive and the Manchester Evening News, to our recently launched U.S.
titles. Every month, 48 million people come to us, via print and online, for
trusted news, entertainment and sport.

 

LEI: 213800GNI5XF3XOATR61

Classification: 2.2 Inside Information disclosed under article 7 of
the Market Abuse Regulation

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