CTT Cattles

 

TIDMCTT 
 
RNS Number : 8920L 
Cattles PLC 
13 May 2010 
 

                                  13 May 2010 
 
                     Cattles plc - Court of Appeal judgment 
 
On 12 May 2010, the Court of Appeal heard the appeal of Party A and the 
subsequent cross-appeal of the Royal Bank of Scotland Plc of the decision of the 
High Court on the application of Cattles plc (the "Company") to seek a 
determination in relation to whether the terms contained within certain 
cross-guarantee documentation operate to subordinate the Company's claims 
against its subsidiaries, including Welcome Financial Services Limited, to the 
claims of certain bank creditors. This appeal and a cross-appeal was brought as 
part of consensual discussions between all parties. 
Earlier today, the Court of Appeal unanimously handed down a decision that 
upheld the decision of the High Court which is explained in the Company's 
announcement dated 14 December 2009.  The cross-appeal in relation to the Cherry 
v Boultbee issues were stayed. 
After judgment was handed down earlier today, Party A sought permission from the 
Court of Appeal to appeal this decision to the Supreme Court.  The Court of 
Appeal did not give such permission and Party A now has 28 days to appeal to the 
Supreme Court for permission to appeal the Court of Appeal's decision. 
ENDS 
 
For further information: 
Margaret Young, Chairman, Cattles plc 020 7269 7252 
Geoffrey Pelham-Lane/Paul Marriott, Financial Dynamics 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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