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 Jeff Baryshnik - Non-Executive Chairman Tom Hayes - Finance Director | +44 (0) 166 182 0369
|
| Strand Hanson Limited (Nominated Adviser and Broker) James Harris James Bellman | +44 (0) 20 7409 3494 |
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.