Helllv- As far as I know the exact terms of the PC repayment have not been revealed. The Extraneal deal contained NO reference to the £5m, and ML recently issued the following in relation to this:
-ML remains of the opinion that it will not be required to make such a repayment
albeit that it does not now expect to be able to confirm this before the end of
February 2003.
In accordance with best accounting practice, pending such confirmation ML has
included the amount of #5 million within 'Creditors: amounts falling due within
one year' and will only take it to profit and loss account as income once such
confirmation has been given.-
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