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2011-01-21 13:36:45 CET 2011-01-21 13:37:45 CET REGULATED INFORMATION Nýherji hf. - Company AnnouncementThe bankruptcy estate of Roka ehf. files suit against NýherjiOn behalf of Nýherji hf., Reg. No. 530292-2079, Borgartún 37, 105 Reykjavík, Iceland, with reference to Articles 122 and 120 of Act No. 108/2007 on Securities Transactions, provisions of Regulation No. 630/2005 on Inside Information and Market Abuse and Article 2 of Rules for Issuers of Financial Instruments, Nasdaq OMX Iceland is hereby notified of the following developments: Pursuant to a purchase and sale agreement dated 2 January 2009, Nýherji hf. assumed control of the companies Skyggnir hf., TMS Origo ehf., EMR ehf., Vigor ehf., Viðja ehf., TM Software ITP ehf. and Theriak Medication Management ehf., from its subsidiary Roka ehf. (previously TM Software ehf.). Nýherji also acquired the subsidiary's real estate and liquid assets. By a decision of the District of Reykjanes on 17 March 2010, Roka ehf. was subjected to bankruptcy proceedings at the request of Straumur-Burdarás Investment Bank hf. This decision was confirmed by a judgment of the Supreme Court pronounced on 7 May 2010 in case No. 205/2010. On Wednesday 19 January 2011, the bankruptcy estate of Roka ehf. filed a lawsuit against Nýherji hf. seeking avoidance of the disposal of the aforementioned assets pursuant to the parties' purchase and sale agreement and the payment of compensation. Nýherji hf. dismisses the bankruptcy estate's claims as without merit. The company maintains that it paid a fair price for the assets concerned and that all creditors of the bankruptcy estate were treated equally. Consequently the company intends to defend itself against the bankruptcy estate' claims. Nýherji hf. has substantial claims against Roka ehf. which it filed in the bankruptcy proceedings. It remains to be seen whether the claims filed against the estate will be accepted, but in the unlikely event that the estate's compensation claim is successful, Nýherji hf. will presumably be able to recoup a large part of the compensation amount back from the estate, thus reducing the company's financial risk in respect of the lawsuit. For further information please contact: Thordur Sverrisson, CEO of Nýherji. Tel: +354 893 3630, thordur.sverrisson@nyherji.is |
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