adept4 plc Resolution of legal dispute (3295B)
September 20 2018 - 2:01AM
UK Regulatory
TIDMAD4
RNS Number : 3295B
adept4 plc
20 September 2018
Adept4 plc
("Adept4", the "Group" or the "Company")
Resolution of legal dispute
Adept4 (AIM: AD4), the AIM quoted provider of IT as a Service,
today announces that it has successfully settled its legal dispute
with the vendors of Adept4 Managed IT Limited (the "Vendors"), as
referred to in the Group's interim results for the six months to 31
March 2018 (the "Interim Results"). Under the terms of the
agreement neither the deferred consideration of GBP1.0 million
which was due in January 2018 nor the contingent consideration of
up to GBP1.5 million will be paid by the Company to the Vendors. In
addition, the Vendors have agreed to pay a cash sum to Adept4 in
November 2018 which, following the payment of legal fees incurred
by Adept4 as a result of the dispute, will result in a small cash
inflow to the Company.
As detailed in the Group's financial statements for the year
ended 30 September 2017, the provision in relation to contingent
consideration had already been released in full due to the Group's
assessment at that time that the performance criteria for
achievement of the earn-out had not been met. The provision of
GBP1.0 million held in the Interim Results in relation to the
deferred consideration will now be released in full.
For further information please contact:
Adept4 plc
Simon Duckworth, Non-Executive Chairman 01925 398 255
N+1 Singer (Nominated Adviser and
Broker)
Shaun Dobson / Jen Boorer 020 7496 3000
MXC Capital Markets LLP
Charlotte Stranner 020 7965 8149
This announcement contains inside information.
About Adept4
Adept4 delivers IT as a service to small and medium sized
businesses across the UK. IT as a Service (ITaaS) provides you with
exactly the amount of technology and support you need in accordance
with business requirements, billed on a monthly basis, based on
what is consumed.
Critically we underpin this delivery method with a 24 x 7 UK
response team, strategic consulting, professional services and
software development to provide exactly what organisations need
from IT at any given time. Whether an infrastructure is based on
legacy or emerging technologies we will ensure organisations have
the flexibility, agility and cost efficiencies required to run
their business effectively, all through a single trusted
provider.
Adept4 is a public company quoted on the AIM market of the
London Stock Exchange. The Company is headquartered in Warrington,
with offices in Leeds, Aberdeen, and Brighton.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCDMGMLLLDGRZM
(END) Dow Jones Newswires
September 20, 2018 02:01 ET (06:01 GMT)
Cloudcoco (LSE:CLCO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cloudcoco (LSE:CLCO)
Historical Stock Chart
From Apr 2023 to Apr 2024