Hansard Global plc
Settlement of legal claim in Norway
Hansard Global plc ("Hansard" or "The Group"), the specialist long-term savings provider, today confirmed that, through a court mediation process, Hansard Europe Limited has agreed a settlement of €1.5 million in relation to an underlying claim of approximately €5.5m in Norway. This settlement, without any admission of liability, encompassed 47 of the 48 policyholders that have initiated litigation totalling €7.2m in Norway.
The Board considered it in the best interests of the Group and its shareholders to reach a resolution with regard to these claims in order to avoid the expense and distraction of extended litigation. The costs of defence to date, both internally and externally, are approximately €1m.
Based on legal advice, Hansard has robustly and consistently defended itself from all claims and will continue to do so.
Gordon Marr, Group Chief Executive of Hansard Global, commented:
"We are pleased to have drawn a line under these proceedings. This agreement reduces risk, avoids future legal costs and enables management to focus fully on our strategy of driving growth in regular premium products in fast growing markets."
For further information:
Hansard Global plc +44 (0)1624 688000
Gordon Marr, Group Chief Executive Officer
Vince Watkins, Chief Financial Officer
Bell Pottinger LLP +44 (0)20 7861 3232
Daniel de Belder
Notes to editors:
· Hansard Global plc is the holding company of the Hansard Group of companies. The Company was listed on the London Stock Exchange in December 2006. The Group is a specialist long-term savings provider, based in the Isle of Man.
· The Group offers a range of flexible and tax-efficient investment products within a life assurance policy wrapper, designed to appeal to affluent, international investors.
· The Group utilises a low-cost distribution model by selling policies exclusively through a network of independent financial advisors, and the retail operations of certain financial institutions who provide access to their clients in more than 170 countries. The Group's distribution model is supported by Hansard OnLine, a multi-language internet platform, and is scaleable.
· The principal geographic markets in which the Group currently services financial advisors and policyholders are the Far East, Latin America and the Middle East, in the case of Hansard International Limited, and Western Europe in the case of Hansard Europe Limited, the Group's two life assurance companies. Hansard Europe Limited will close to new business with effect from 30 June 2013.
· The Group's objective is to grow by attracting new business and positioning itself to adapt rapidly to market trends and conditions. The scaleability and flexibility of the Group's operations allow it to enter or develop new geographic markets and exploit growth opportunities within existing markets without the need for significant further investment.
Forward-looking statements:
This announcement may contain certain forward-looking statements with respect to certain of Hansard Global plc's plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve risk and uncertainties because they relate to future events and circumstances which are beyond Hansard Global plc's control. As a result, Hansard Global plc's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in Hansard Global plc's forward-looking statements. Hansard Global plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make. No statement in this announcement is intended to be a profit forecast or be relied upon as a guide for future performance.
