Statement issued by Fyffes to the Irish Stock Exchange
January 2002, Fyffes plc initiated a legal action in the High Court in Dublin against DCC plc, S&L Investments Limited, Mr Jim Flavin and Lotus Green Limited claiming that the sale of 31,169,493 ordinary Fyffes shares between 3 February and 14 February 2000 constituted an unlawful dealing within the meaning of Part V of the Companies Act 1990.
On 21 December 2005, Ms Justice Laffoy determined that DCC plc, Mr Jim Flavin and the other defendants dealt in Fyffes shares in February 2000 within the meaning of the Act, but also determined that Mr Jim Flavin was not in possession of information relating to Fyffes that was not generally available but, if it were, would have been likely to materially affect the price of those shares.
In April 2006, Fyffes served a Notice of Appeal to the Supreme Court. The Supreme Court hearing commenced on 18 June 2007 and lasted five days.
The Board of Fyffes is pleased that its Supreme Court appeal has been successful and that the five Judges of the Court found, unanimously, that the trading information in Mr Flavin's possession when he dealt in Fyffes shares in early 2000 was price sensitive. The Board of Fyffes has always believed in the merit of the legal action.
Fyffes plc 27 July, 2007
