The United States Court of Appeals for the Second Circuit

Bech-Bruun, as the Trustee (receiver) of the estate of The Company’s former Danish subsidiary, TCC A/S, has advised The Company that The United States Court of Appeals for the Second Circuit on 8 October 2020 handed down an adverse judgement on the appeal launched by the Trustee in respect of the judgment by the United States District Court for the Southern District of New York. Bech-Bruun’s Circular letter no. 23 attached.

The Court’s judgement attached for the sake of completeness. No creditor dividends can be expected and management has been advised that the judgement is final.

Management is awaiting the final report and final statement from the Trustee and will subsequently be considering options for TCC’s future operations and will make recommendations ahead of the 2021 AGM.