Ramco Energy PLC ROS.L
Good news released today from the company.
Further to the rejection of the rejection of the appeal to rehear the case in January 2007 poor old Ramco have had to wait for this to be rejected by the high courts yet again now to be able to say that this sorry mess has been put behind them.
They didn't even bother to present new evidence to suggest that there had been an error in the original decision. Now in my opinion (only my opinion) Anglo Dutch should have to pay compensation for the detriment they have caused to the Ramco shareprice over this period of time that the case has been held over their heads awaiting all these appeals. Enough is enough and hopefully we can now get down to business.
My interest in this company is that I always think you should invest in at least one local company to yourself and Ramco is my local one.
I have this down as one of my recovery stocks and let's hope they can get a chance now of doing that.
Price up 16.28% following todays RNS - see below for court ruling and RNS.
largeronald - 20 Apr'07 - 15:05 - 4884 of 5066
ORDERS ON MOTIONS FOR REHEARINGTHE MOTIONS FOR REHEARING OF THE FOLLOWING PETITIONS FOR REVIEW ARE DENIED:
ANGLO-DUTCH PETROLEUM INTERNATIONAL, INC. v. RAMCO OIL & GAS, LTD AND RAMCO ENERGY, PLC OF TEXAS; from Harris County; 14th district (14‑04‑00433‑CV, 207 SW3d 801, 10‑19‑06)
http://www.iii.co.uk/investment/detail?code=cotn:ROS.L&display=news&it=le
RNS Number:3151V Ramco Energy PLC 23 April 2007
Ramco Energy plc
CONCLUSION OF LITIGATION
Ramco Energy plc ("Ramco") is pleased to announce a final favourable decision in the long-running Tenge lawsuit in Texas at the level of Texas' highest court.
Ramco won the appeal in this case in June 2006 and in October 2006 the plaintiffs' first request for a review of the appeal was denied by the 14th Texas Court of Appeals.
In January 2007, the plaintiffs petitioned the Texas Supreme Court to review the decision of the Court of Appeals. That motion was denied by the Court on 2 March 2007, with the Supreme Court determining that the plaintiffs' petition did not present any error which required reversal. The plaintiffs then asked the court to re-hear their petition without introducing any fresh material.
On Friday 20 April, 2007 the Texas Supreme Court denied the plaintiffs' rehearing request bringing this long running lawsuit to a conclusion.
Steve Remp, Chairman of Ramco, said: "Since winning the Appeal in this case last June we have been frustrated in our efforts to move Ramco forward by the plaintiffs' vain attempts to protract this litigation indefinitely. I am delighted that the Texas Courts have now brought this to an end and now look forward to making faster progress with our turnaround plans."
