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Alliance Developpement Capital SIIC SA Updates on Legal Proceedings; Sells Stake in Venus


Thursday, 14 Nov 2013 12:44pm EST 

Alliance Developpement Capital SIIC SA announced that its subsidiary Kerry initiated legal proceedings against its former counsel, who the Company believed had been negligent in his professional duties. However, the case was thrown out in July 2013. Concerning the legal proceedings initiated by the Company against NRF as a result of failure to pay rent, a hearing has been scheduled for November 18, 2013. The Company is claiming EUR 750,000 (the payments for February 2013 to October 2013) and also the sum of EUR 457,000, in addition to the eviction of NRF. The Company also announced that Salons Saint Honore has filed another appeal against its eviction, which will be heard on December 3, 2013. In addition, the Company sold its stake in Venus (1,672 shares, representing 1.07% of the share capital) to FIPP for EUR 2.78 million. 

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