GO plc – Cable and Wireless Judgement

August 27, 2008
|In Company Announcements
|By Jesmond Mizzi Financial Advisors

GO plc – Cable and Wireless Judgement

GO plc announced that in reference to the company announcement issued on the 12th August 2008 regarding judicial proceedings filed in April 2002 against Maltacom plc (in 2007 renamed GO plc) by a number of former employees of Cable and Wireless Limited who became employees of Telemalta Corporation (“Telemalta”) in 1975. In 1998, Maltacom plc (“Maltacom”) succeeded to all the rights and obligations of Telemalta by virtue of law.

Following an analysis, the Company estimates that the total cost for implementing the pension scheme in terms of the Court of Appeal judgment is expected to be in the region of EUR 13.16 million. In view of the foregoing, the Company will be adjusting the provision in the financial statements for the six month period ended 30th June 2008, to reflect the amount.

The Company further announces and clarifies that the financial, technical and legal analysis of the interpretation and implementation of the judgment is still ongoing.

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