27th Nov 2018 17:05
LONDON (Alliance News) - Management Consulting Group PLC said it has agreed with Wavestone to further extend the remaining EUR1.7 million Kurt Salmon escrow funds to March 7 during continued negotiations.
Professional services firm Management Consulting disposed of several of its businesses in 2015 and 2016, Kurt Salmon included.
At the start of October it was announced that the period of escrow for the remaining EUR1.7 million under discussion was extended to December 7.
This is the second tranche of EUR4 million held under escrow which guarantees certain contingent liabilities relating of the disposal of some parts of Kurt Salmon to the IT service management company.
Management Consulting and Wavestone agreed to extend the period of escrow claimed by Wavestone to allow negotiations over potential indemnification claims to be finalised.
Management Consulting said it "remains confident" about its position in terms of the claims raised by Wavestone, and expects to "secure the release of the remaining outstanding KS Escrow Funds progressively".
Shares in Management Consulting closed down 2.3% at 1.70 pence on Tuesday.
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