Formation Group Unit Succeeds In One Claim Against Stoneygate

16th Jul 2010 16:58

LONDON (Dow Jones)--Formation Group Plc (FRM.LN), construction management services company, announced Friday in relation to the litigation being conducted through its wholly owned subsidiary, Proactive Sports Management Limited that it was successful in one of its claims against Stoneygate 48 Limited under restitution. MAIN FACTS: -Proactive's claim against Stoneygate, a company owned by Wayne Rooney, was two pronged; the first claim related to the enforcement of the contract relating to an image rights representation agreement dated Jan. 16, 2003, and the second claim related to restitutionary compensation for services provided by Proactive to Stoneygate for which Proactive has not been paid. -Under the judgment delivered yesterday, the first claim in contract was unsuccessful, but, importantly, Proactive did succeed in its claim under restitution. -The counterclaim of Stoneygate was defeated in its entirety. -Stoneygate will therefore have to pay compensation to Proactive as a result of yesterday's judgment. -This figure cannot yet be quantified because the Court has decided that such quantification should be the subject of further assessment. -Proactive succeeded in its claim against Speed, a company owned by Coleen Rooney, and has been awarded GBP90,000 plus a substantial proportion of its costs. -Shares at 1556 GMT stood at 1.75 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires July 16, 2010 11:58 ET (15:58 GMT)