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Deferred Consideration

15th Apr 2005 07:00

Pendragon PLC15 April 2005 PENDRAGON PLC PAYMENT OF CONTINGENT CONSIDERATION IN RESPECT OF THE ACQUISITION OF C D BRAMALL Pendragon PLC is pleased to announce that it has received repayment of monies inrespect of claims made to HM Customs & Excise by C D Bramall PLC for recovery ofoverpaid VAT following the cases of Marks and Spencer, Elida Gibbs and ECCommission v. Italian Republic. The total amount received from HM Customs and Excise, including interest thereonand net of costs associated with the claim, amounts to £6,696,000. Half of thisamount is retained by Pendragon PLC whilst the other half is to be paid toformer C D Bramall PLC shareholders as additional consideration for their sharesacquired by Pendragon PLC in 2004. Further repayments may be due from HM Customsand Excise and we shall provide updates regarding this as appropriate. The calculation of Contingent Consideration, as that term is defined in theOffer Document dated 27 January 2004 detailing the terms and conditions of theoffer by Pendragon PLC for C D Bramall PLC, results in an additional payment of8.52 pence per share to each of the former C D Bramall PLC shareholders. Enquiries: Pendragon PLC Trevor Finn, Chief Executive Tel: 01623 725 114 David Forsyth, Finance Director Finsbury Gordon Simpson Tel: 020 7251 3801 Notes to editors: Pendragon is the largest retailer in the UK, representing both prestige brandsand, more recently, volume brands. The Group operates 250 dealerships in the UK,eight in Germany and nine in the USA. This information is provided by RNS The company news service from the London Stock Exchange

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