REG - Trinity Mirror PLC - Update in relation to phone hacking <Origin Href="QuoteRef">TNI.L</Origin>

ReachAnnouncement

15/07/2015 18:49

RNS Number : 9034N
Trinity Mirror PLC
21 May 2015
Trinity Mirror plc

21 May 2015
Update in relation to phone hacking 
We note the judgment released today by Mr Justice Mann following the conclusion of the civil trial for the assessment of damages for 8 representative claimants arising from phone hacking. Our subsidiary MGN Limited has already accepted that it should pay appropriate compensation to individuals who were the target of phone hacking. However, our initial view of the lengthy judgment is that the basis used for calculating damages is incorrect and we are therefore considering whether to seek permission to appeal. 
There remains uncertainty as to how matters will progress. As the legal process has taken longer and the costs of settling claims is likely to be higher than previously anticipated we are increasing our provision to deal with matters arising from phone hacking by 16 million. This is in addition to the 12 million provided in 2014. 
The Board is confident that the exposures arising from these historic events are manageable and do not undermine the delivery of the Group's strategy for growth.
Further updates will be made if there are any significant developments or our estimate of the financial exposure was to materially change.
Enquiries
Trinity Mirror
Simon Fox, Chief Executive
Vijay Vaghela, Group Finance Director
Elizabeth Holloway, Corporate Communications
020 7293 3553
Brunswick
Mike Smith
020 7404 5959
Jon Drage

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