Thursday's announcement from Rockpool Acquisitions PLC revealed the company has settled its cost recovery claim against Amcomri Group Limited for £452,500. This settlement comes after a dispute regarding the reimbursement of costs from a failed acquisition attempt by Rockpool.
Rockpool had initially demanded £543,000 from Amcomri to cover the costs incurred during the acquisition process that Amcomri withdrew from in April. Amcomri had countered with an offer of £370,000 in August, which Rockpool rejected, stating its intention to pursue the full amount.
The agreed-upon settlement figure of £452,500 is to be paid by Amcomri by 16 December 2024. This payment is to cover all claims for costs and any other potential claims Rockpool may have had against Amcomri or any other parties involved in the acquisition letter of intent.
The Board of Rockpool expressed disappointment with Amcomri's refusal to meet its full contractual obligations but considered the settlement to be a pragmatic solution to avoid further legal costs and uncertainties. This resolution also aims to provide clarity and assurance to any future acquisition targets that Rockpool may engage with.
Following this settlement, Rockpool's Board plans to intensify its search for a suitable acquisition target, as the company moves forward from the aborted deal with Amcomri.
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