1st May 2008 11:02
Avesco Group PLC01 May 2008 For immediate release 1 May 2008 Avesco Group plc ("Avesco" or the "Group") Receipt of Deferred Consideration The directors of Avesco are pleased to announce the receipt of £4.6 million,being part of the deferred cash consideration relating to the disposal of theGroup's investment in Complete Communications Corporation Limited ("CCCL"),which was completed in December 2006. Interest of £0.3 million in respect ofthis amount was received at the same time. At the time of completion of the disposal, part of the total cash considerationwas retained in an escrow account as security against possible warranty andindemnity claims by the purchaser in relation to CCCL. The Group's share of theretention amounts to approximately £9.9 million and the sum of £4.6 million nowreceived represents the first release from this retention. This receipt is afterdeduction of £0.4 million for certain warranty and indemnity claims which havebeen identified and provided for. Subject to any further warranty and indemnityclaims, the balance of the retention amounting to £4.9 million is due to bereleased on 31 December 2008. Enquiries: Avesco Group plc 01293 583400Ian Martin (Chief Executive)John Christmas (Finance Director) FinnCap 020 7600 1658Clive Carver/Charles Cunningham Webber Shandwick Financial 020 7067 0700Terry Garrett / John Moriarty This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AVS.L