1st Oct 2018 14:25
LONDON (Alliance News) - Management Consulting Group PLC said Monday it agreed with Wavestone an extension to the remaining EUR1.7 million Kurt Salmon escrow funds to December 7.
In 2015 and 2016, the consultant disposed of several of its businesses, including management consulting company Kurt Salmon in Europe.
A material aspect of this is the negotiation of the release of funds held under escrow arrangements which guarantee certain liabilities related to the disposal of Kurt Salmon to Wavestone in 2016.
Under the terms of the sale agreement, a second tranche of EUR4 million held under escrow was due to be released on July 7. However, Management Consulting and Wavestone subsequently agreed to extend the period of escrow for an amount equal to the EUR1.8 million claimed by Wavestone to allow negotiations over potential indemnification claims to be finalised.
Management Consulting shares were untraded at 1.67 pence each.
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