Lasco Distributors awarded $273 million by the court.
The company advised that the formal order was signed by Justice Vivene Harris and filed on November 24, 2017. LASD has further advised of the Company’s intent to file an appeal.
The amount awarded for damages and interest up to November 3, 2017, is way below the US$311 million the company claimed plus interest.
At the time of the Initial Public Offering in 2010 the prospectus stated “no provisions have been made in the Company’s accounts for the impact of the outcome of this decision and the accounts contained in this prospectus do not take it into account. It is the expectation of the Company, based on legal advice it has received, that its lost sales of the product to date (estimated to be $400 million) are likely to be recovered in the event that it succeeds in this matter but it is difficult to quantify the amount of damages that could potentially be awarded to the Company as they will continue to accrue until the matter is decided.
The amount awarded which should be profit that would have be lost as a result of the loss of sales may not in reality be far from the profit lost to 2010 but there would be loss of sales thereafter.
Last week, Lasco Distributors advised the Jamaica Stock Exchange that a director sold 2,042,774 shares on November 11, and on November 24 that a directors sold 21,054 shares during the period November 13-14, 2017.
[…] with 1,000 stock units, Knutsford Express closed with a loss of 50 cents at $13, with 1,929 shares. Lasco Distributors settled 62 cents higher at $5.69, with 1,200,172 shares, but traded during the morning session at a […]