Healthcare Support(Newcastle)FinPLC Phase 8 completion delay further comment (4309G)

TIDM73FU

RNS Number : 4309G

Healthcare Support(Newcastle)FinPLC

20 November 2015

We refer to our announcements dated 23 May 2014, 4 August 2014, 28 October 2014 and 28 November 2014

The Independent Tester, Faithful & Gould Limited ("F&G"), has yet to issue a completion certificate in respect of phase 8 of the project. Separately Healthcare Support (Newcastle) Limited ("HSN"), Laing O'Rourke Construction Limited ("LOR") and Newcastle Upon Tyne Hospitals NHS Foundation Trust (the "Trust") have attempted to settle the dispute through a formal mediation process as required under the Project Agreement. As the formal mediation did not resolve the dispute HSN issued proceedings on 17 November 2015 under Part 7 of the Civil Procedure Rules against the Trust and LOR in accordance with the provisions of the Project Agreement and the Construction Contract.

Given the longstop date under the Project Agreement is 28 October 2014 the Trust, HSN and LOR entered into an agreement with effect from 1 February 2015 whereby the Trust has undertaken to provide 7 days notice of an intention to terminate the Project Agreement. The notice period will allow HSN adequate time to seek an injunction from the Court to prevent a wrongful termination.

HSN continues to engage with the Majority Creditors.

Ends

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November 20, 2015 06:00 ET (11:00 GMT)

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