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Rok settles ex-director's bonus claim out of court

NEWS

FORMER Rok director Mark Kay has settled for a £815,000 payoff after launching a legal claim for more than £5 million in unpaid bonuses.

Rok announced to the Stock Exchange last week that it had made an out-of-court payment of £815,000 to Mr Kay and paid £435,000 to cover legal fees, interest and the termination of his contract.

Mr Kay launched his claim last August after resigning from the main Rok board in October 2004.

He was the group's former property director and sold his company Rockeagle Holdings to Rok's predecessor EBC for £1.7 million in March 2001.

Mr Kay's disputed bonus payments related to the gross profit made by commercial development activities.

Rok chairman Stephen Pettit said: 'It is the view of the board that it is in shareholders' best interests to avoid the potential for a lengthy and costly court case and diversion of management resources from continuing to build the business.

'The settlement, effectively an earn-out payment in respect of the original acquisition, enables the board to put this issue firmly behind us.'

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