Press Release Article

Thursday 25th May 2006: United Trust Press Release 25.05.06

UNITED TRUST PRESS RELEASE
25.05.06

The United Trust, John Courtenay and Fred Story are pleased to announce that, subject to ratification by the Trust's members, they have been able through mediation to reach a settlement in the High Court case launched by the Trust last year.

The Trust Board, John Courtenay and Fred Story all recommend to the Trust's members that the settlement should be ratified by the members at a meeting to be held on 18 June 2006.

It was reported in the News and Star on 24 November 2005 that the Trust was making an allegation of fraud against Fred Story. The Trust wishes to retract its allegation of fraudulent misrepresentation, acknowledges that there has been no fraud on Fred Story's part and apologises for having made the allegation.

The parties have agreed that the case should end immediately and that includes the injunction which the Trust obtained against Fred Story.

Kate Rowley has stepped down as the Trust's representative director on the Board of Carlisle United and the new Director is Norman Steel.

Instead of pressing for the right to acquire up to 49% of the shares in C.U.F.C. Holdings Limited, the Trust is to pay for and acquire a further 5.1%, with additional rights, to bring its shareholding up to 25.1%. That will result in a further £400,000 being injected into Carlisle United.