19th May 2005 10:45
Computacenter PLC19 May 2005 Update on Acquisitions - Germany and Austria Further to the German and Austrian acquisition update contained in note 14 ofthe 2004 Annual Report and Accounts, Computacenter plc is pleased to announcethat the independent Expert, PricewaterhouseCoopers, has issued its finaldetermination on the disputed opening Net Asset Value. The final determinationhas resulted in an amount receivable by Computacenter plc which is marginally inexcess of the £32,448,000 included as a receivable in Debtors as at 31stDecember 2004. However, as noted previously only certain elements, circa fifteenpercent, of the repayment claim were disputed by GE Capital ITS. GE Capital ITS has exercised a right of retention under German law and hascommunicated its intention to declare a set-off with the contingent liability asnoted below against our Net Asset Value claim provided an award is rendered infavour of GE Capital ITS. There has been no change or further development concerning the claim of€52,165,292 (£36,892,000) plus interest asserted by GE Capital ITS for upfrontpayment for the tax assets as opposed to payment as the assets are utilised. TheGroup rejects this adjustment and legal proceedings continue between theParties. On the basis of legal advice received the Board is confident that thisclaim is without merit and is being defended accordingly. No provision for thisclaim has been made in the Group's accounts. Accordingly, the Group expects onthe successful resolution of the tax assets claim, to receive payment of the NetAsset Value claim. Enquiries: Computacenter plc:Mike Norris, Chief Executive 01707 631601Tony Conophy, Finance Director 01707 631515 www.computacenter.com Tulchan Communications:Tim Lynch 020 7353 4200www.tulchangroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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