NEWS ARCHIVE

TARGETFOLLOW GROUP LIMITED AND KILCARNE HOLDINGS LIMITED | 09/11/04

High Court, London

Mr Justice Lewison, sitting in the High Court, London, today Tuesday 9 November 2004 dismissed a claim by Kilcarne Holdings Ltd of Jersey against Targetfollow Group Ltd concerning the development of Baskerville House, Birmingham.

Kilcarne had claimed that arrangements entered into by Targetfollow and Kilcarne in February 2002 for a £2.5 million loan, included an agreement that the Birmingham city centre property would be developed as a joint venture.

After a 10 day trial, Mr Justice Lewison ruled that the arrangements were all contained in a series of written agreements, documenting the loan. Whilst both parties had originally considered a joint venture, no final agreement on joint development had been reached. He refused permission to Kilcarne to argue its claim in the Court of Appeal and ordered it to pay costs to Targetfollow, likely to be around £1m.

Following the court decision, Ardeshir Naghshineh, Targetfollow’s Managing Director, said: “We are pleased that Mr Justice Lewison has ruled in our favour. We knew the claim was wholly without any foundation and we were confident of this outcome.

“Now that this matter has been resolved, we can direct all our energies to this exciting development. Baskerville House, which is undergoing a £30 million refurbishment, is the only speculative office building to start on site in Birmingham this year and is scheduled for completion in 2006.”

Katie Bradford, of Linklaters, advised Targetfollow.

For further information, please contact:

Paul Desmond
Tavistock Communications
Tel: 020 7920 3150
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