Numis resolves Rock Well Petroleum placing claims

6th Jul 2011 10:05

Stockbroking firm Numis Securities has settled a claim against it regarding a private placing of shares in Rock Well Petroleum in 2007, in which Numis acted as the placing agent.Numis said it has agreed to pay $8m without any admission of liability. The claim that was brought against Numis by Fidelity Funds, CQS Convertible and Quantitative Strategies Master Fund Limited, Fidelity Institutional Funds, Fidelity Investment Funds, Oceanic Small Cap Fund and St Peter Port Capital Limited was valued at $95m.The claim against Numis was in respect of a decision by Rock Well not to refer in the 2007 placing documents to a law suit that had been threatened against Rock Well by a third party. Numis and Fidelity are pleased to put an end to this distracting litigation and look forward to a continuing and mutually beneficial commercial relationship, Numis said in its statement.Shares of the AIM-listed company surged 9.1% to 113.75p in morning trade in London. AR