8th Oct 2007 15:38
Wincanton PLC08 October 2007 For Immediate Release 8 October 2007 Wincanton Plc ("Wincanton" or "the Group") Arbitration Monies Received Wincanton announced on 31 August 2007 a favourable outcome to the arbitrationproceedings between PGN Logistics ("PGN"), a 50 per cent-owned joint venturecompany, and CNH, the principal customer of PGN. CNH has now paid £27.4m to PGN in respect of certain of the matters in dispute.PGN believes that further monies remain due from CNH and is makingrepresentations to this effect at an arbitration hearing currently in progress. The accounting treatment of sums received will be finalised following thedefinitive decision from the arbitration proceedings. It is currently expectedthat approximately £8m of Wincanton's 50 per cent share of the £27.4m receivedwill be applied against the Group's share of the debt due from CNH. The balanceof the monies received to date, allowing for the recovery of other PGN-relatedaccruals, is expected to result in an exceptional profit of approximately £3.5m. As previously indicated, a decision in respect of any further sums due to PGN isexpected in early 2008. For further information please contact: Wincanton plc 01249 710 000Graeme McFaull, Chief ExecutiveGerard Connell, Group Finance Director Buchanan Communications 020 7466 5000Charles Ryland / Jeremy Garcia This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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