LONDON (Alliance News) - The independent directors of attraction designer Paragon Entertainment Ltd on Monday said they have reached a deal with the original vendors of Paragon Creative Ltd to pay GBP129,386 of the tax settlement Paragon Entertainment has reached with HM Revenue & Customs.
Last Thursday, Paragon Entertainment said it had reached an agreement with the UK tax authority to pay GBP398,346 in cash to settle a long-running case.
The vendors were named as Mark Pyrah, now chief executive officer of Paragon Entertainment, and Peter Holdsworth, now production director, together with Colin Pyrah and Stephen Jackson. Together they will pay the GBP129,386 from their personal resources, and have waived a deferred consideration of up to GBP750,000 that might otherwise now be due.
The company was formed via a reverse takeover by Marwyn Capital II Ltd of Paragon Creative Ltd in December 2011. The initial consideration paid was GBP4.0 million, with a deferred consideration of up to GBP750,000.
The company will meet the balance of the settlement with HMRC over the next 20 months, it said.
Shares in Paragon are trading up 1.6% at 1.88 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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