11th Nov 2009 10:30
Treveria plc
("Treveria" or the "Company")
11 November 2009
STATEMENT REGARDING POTENTIAL TAX LIABILITY
The Company has recently been notified by its advisers of a potential tax liability in one of its subsidiaries, triggered as part of the restructuring it undertook following the collapse of the Dawnay, Day Group in 2008 and during which it received specific taxation and separate legal advice.
The potential tax liability, if it arises, may have a material adverse effect on the financial position of the Treveria group. The Company, with its advisers, is seeking clarification from the relevant taxation authorities of its position, including the amount and timing of any potential liability of its subsidiary. To the extent that the Company, rather than the subsidiary, has any liability itself in respect of this matter, then it would expect to be able to meet its liability from existing cash resources.
As a result of the seriousness of this potential liability, the Board of Treveria plc has decided to suspend the return of the Euro 60.3 million in cash to its shareholders, which it announced in its half year report published on 29 September 2009, until it has a clearer understanding of the amount of the liability, if any, and the likely effect on the Company. Thereafter, the Board will update shareholders on any amount to be returned to shareholders.
It is unlikely that the position will be clarified with any certainty in the near future and the Company will continue to keep the market informed of any material developments.
Enquiries:
|
Treveria Asset Management Limited Damian Wisniewski / Chris Kingham |
+44 (0)20 7960 6525 |
|
Numis Securities Limited (NOMAD to the Company) Nick Westlake / Hugh Jonathan |
+44 (0)20 7260 1000 |
|
Financial Dynamics Stephanie Highett / Richard Sunderland / Laurence Jones |
+44 (0)20 7831 3113 |
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