Cattles PLC

28 July 2010

28 July 2010

Cattles plc - Order of the Supreme Court

On 13 May 2010, the Court of Appeal unanimously upheld the decision of the High Court on the application of Cattles plc (the "Company") to seek a determination in relation to whether the terms contained within certain cross-guarantee documentation operate to subordinate the Company's claims against its subsidiaries, including Welcome Financial Services Limited, to the claims of certain bank creditors, as explained in the announcement of the Company on 13 May 2010.

Following the order of the Court of Appeal, Party A applied to the Supreme Court for permission to appeal the Court of Appeal's decision. 

The Company has today been notified that, on 26 July 2010, the Supreme Court ordered that permission to appeal the Court of Appeal's decision be refused because the application to appeal "does not raise an arguable point of law of general public importance which ought to be considered by the Supreme Court at this time, bearing in mind that the case has already been the subject of judicial decision and reviewed on appeal".

Consequently, the application of the Company has been finally determined to the effect that the Company's claims against its subsidiaries are subordinated to the claims of certain bank creditors.

ENDS

For further information:

Margaret Young, Chairman, Cattles plc 020 7269 7252

Geoffrey Pelham-Lane/Paul Marriott, Financial Dynamics