Business
ANSA Closing Balance Sheet Ad
ANSA Closing Balance Sheet Ad.
About this update from Restore Plc
[{"type":"text","content":"\n RNS Number : 1081D Mavinwood PLC 26 November 2009 \n \n\nMavinwood Plc\n(\"Mavinwood\" or the \"Company\")\n \nANSA Closing Balance Sheet Adjustment\n\nMavinwood announced the disposal of ANSA Holdings Limited, Independent Inspections Limited, and Home and Comforts Limited (\"ANSA\") on 9 June 2009 to a buyout vehicle backed by Lloyds TSB Development Capital Limited (the \"Purchaser\"). The sale was completed on 29 June 2009. The final purchase consideration was subject to adjustment dependent on the level of net debt and working capital in ANSA at completion.\n\nThe Company has now agreed the closing balance sheet position with the Purchaser and entered into a Settlement Agreement related to other matters in the Sale and Purchase Agreement This has resulted in a cash payment to the Purchaser of £205,000 in relation to the completion balance sheet. The Company has also paid £260,000 to re-acquire a loan note which was part of the assets sold. The directors of the Company believe that the value of the loan note is unlikely to be recovered in full. An additional cash payment of £130,000 will be made by the Company during 2010 as part of the Settlement Agreement. \n\nThe escrow arrangements announced at the time of the ANSA disposal remain unchanged and are separate to the adjustments referred to above. \n\n\n\n\n\n\n\nMavinwood plc\nCharles Skinner, Chief Executive\n \n\n\n07966 234075\n\n\n\n\nCollins Stewart\nAdrian Hadden\n \n\n\n020 7523 8350\n\n\n\n\nThreadneedle Communications\nJohn Coles\n \n\n\n020 7653 9848\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBABBTMMTTTTL \n ","length":5529,"tagName":"div"}]