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Marconi has 21 days to pay pounds 20m.

The High Court has given Marconi 21 days to pay into court pounds 20 million plus interest in respect of a claim by Railtrack Group business Railtrack Telecom Services.

Railtrack said the claim arises from the exercise of an option by RTS to sell its remaining shareholding in Easynet Group to Marconi for pounds 20 million If Marconi does not pay the sum within 21 days, RTS will be granted judgement for pounds 20 million plus interest, said Railtrack.

But if the money is paid into court it will be held pending the determination by the Court against claims Marconi has made against RTS.

Railtrack said RTS rejected the claims.

David Harding, Railtrack Group chief executive, said: 'We had been advised that our case against Marconi was a strong one and we are pleased that the Commercial Court made these orders in RTS's favour.'

The group said that the outcome of the case did not alter its board's estimate that it will be able to return 245p to 255p per share to shareholders.

A spokesman for Marconi said last night the company acknowledged the court's judgment and was considering its options. The last two years have seen the company fall from a share price of over pounds 12 to just under 3p.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jul 26, 2002
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