LSE-listed mineral sands producer Kenmare Resources on Thursday announced that the Court of Appeal in Ireland had ruled that the High Court jury’s award of damages, made in favour of its former director Donal Kinsella in November 2010, be considerably reduced from €10-million to €250 000.
The High Court in 2010 granted a stay on the award, subject to the payment of €500 000 and an agreed contribution towards costs, pending final determination of the appeal.
The parties will have three weeks to consider the judgment.
Applications in respect of costs and any other orders required will be made at that time.
Kenmare will consider the implications of the court's decision with its legal team in the coming days, it said on Friday.