19th Jul 2006 07:01
Scott Tod PLC19 July 2006 FOR RELEASE 7.00AM 19 JULY 2006 SCOTT TOD PLC ("Scott Tod" or "the Company") Pre-Closing Announcement Resolution of Dispute with Brinks (UK) Limited Further Progress in Revitalisation of Business Scott Tod plc ("the Company") reports that its wholly owned subsidiary, ScottTod Developments Limited ("STDL") has resolved its dispute with Brinks (UK)Limited ("Brinks") in relation to the former contract between the parties. Pursuant to the settlement, Brinks paid a sum of £567,000 to the Company. Asthe Company had previously written off all amounts due from Brinks, as part ofthe goodwill arising on the acquisition of STDL, consideration will be given to the correct accounting treatment of the sum received in the year ended 30 June2006. Following the appointment of John Dixon as finance director in December 2005,the Company initiated a reconciliation of its fixed assets and, in particular,its estate of ATMs. This is now nearing completion and whilst the total number owned at 30 June 2006 is likely to reduce from previously recorded levels, thenumber processing through STDL is unlikely to be affected materially. Anydifference to book values will be accounted for in the year ending 30 June 2006. On 30 May 2006 the Company reported that trading was improving. This trendappears to have continued with the last three months of the financial yearproviding the most consistent results for some time. On 13 July 2006, the Company announced that it was recommending an all cashoffer at 21p per share by Hines Associates Limited on behalf of NotemachineLimited. It is expected that the formal offer document will be posted shortly. For further information: Scott Tod Plc David Massie (Chairman) 020 7389 1770Lawrence Watts (Chief Executive) 01873 811634 Cubitt ConsultingBrian Coleman Smith / Nia Thomas / Allison Reid 020 7367 5100 Mobile 07802 724 400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SCD.L