Update on VAT Claim

4 March 2014

Tricor plc("Tricor")

Update on VAT Claim

Tricor has been advised that its appeal against HMRC's decision to disallow approximately £1.8 million in input tax claims has been dismissed by the First-Tier Tribunal (Tax Chamber). Although hugely disappointing, Tricor has the right to appeal the decision to the Upper Tribunal, and initial observations by the legal advisors suggests that there may be grounds for an appeal.

The Board of Tricor will work with the legal advisors to assess the prospects of lodging an appeal to the Upper Tribunal. No decision has been made at this stage as to how costs associated with the tribunal process will be awarded. Further announcements will be made as appropriate.

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