PRESS RELEASE
07 JUNE 2006
Appeal upheld and judgement reversed
Ramco Energy plc ("Ramco" or the Company) is pleased to confirm that it has been successful in its appeal against the judgement in the Tenge lawsuit in Texas.
The conclusion of the judgement of Chief Justice Hedges and Justices Fowler and Frost of the Fourteenth Court of Appeals is as follows:
“The trial court did not err in granting summary judgment on Plaintiffs' (Anglo-Dutch (Tenge) L.L.C. and Anglo-Dutch Petroleum International, Inc.) claims for breach of fiduciary duty, misappropriation, and misappropriation of trade secrets. There is no evidence to prove with reasonable certainty what profits, if any, Plaintiffs lost as a result of the Ramco Parties' breaches of contract. Further, because Plaintiffs are not entitled to any actual damages, they are not entitled to attorney’s fees. Therefore, the trial court should have granted the Ramco Parties’ motion for judgment notwithstanding the verdict and rendered judgment that Plaintiffs take nothing as to the Ramco Parties. Having resolved the case on these issues, we need not reach the other issues raised in the appeal and cross-appeal. Accordingly, we reverse the trial court’s judgment and render judgment that Plaintiffs take nothing against the Ramco Parties.”
With the original judgement now reversed, Ramco will be taking the action necessary in the Scottish Courts to lift the inhibitions and arrestments which have been restricting its ability to carry out its normal business. Ramco will also be seeking recovery of all costs associated with the Scottish Court action.
Steve Remp, Chairman of Ramco, said:
“Common sense and justice have finally prevailed. This case came within a hair’s breadth of driving Ramco over the edge. It has made life a misery for all of us at Ramco and has cost the Company a very considerable sum both in terms of management time and legal expenses. We were the victims of a legal system that permits litigious appellants to sell their cases to investors and to permit them to sue with the knowledge that they do not risk having to pick up the defendants costs in the event they fail.
We are all absolutely delighted with this judgement and can now move forward to continue the rebuilding of Ramco. I want to thank the Ramco team and Board, our outstanding UK and US legal advisors and the many shareholders who lent their support while we defended ourselves over the past six years.”
ENQUIRIES:
Ramco Energy - Aberdeen
Stephen Remp, Chairman Tel: 01224 352 200
College Hill - London
Nick Elwes Tel: 020 7457 2020
Ramco Energy plc
62 Queen's Road
Aberdeen
AB15 4YE
United Kingdom
Tel: +44 1224 352 200
Fax: +44 1224 352 211