REMINDER: Our user survey closes on Friday, please submit your responses here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMMC.L Regulatory News (MMC)

  • There is currently no data for MMC

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update on the Kurt Salmon escrow funds

10 Jul 2018 09:01

RNS Number : 1350U
Management Consulting Group PLC
10 July 2018
 

This announcement contains inside information for the purposes of article 7 of Regulation 596/2014 (the "Market Abuse Regulation").

 

10 July 2018

 

Management Consulting Group PLC

 

Update on the Kurt Salmon escrow funds

 

Management Consulting Group PLC (the "Group") provides the following update on the Kurt Salmon escrow funds.

 

As announced on 29 June 2018, the Company received on 26 June 2018 a further letter of claim from Wavestone which set out a number of disputes with a potential further estimated aggregate liability of approximately €1.8 million (approximately £1.6 million) against the second tranche of €4 million held under escrow which guarantee certain contingent liabilities relating to the disposal of parts of the Kurt Salmon business to Wavestone in 2016 (the "KS Escrow Funds"). The Company continues to assess the merits of these further claims.

 

Under the terms of the sale agreement, the second tranche of €4 million of the KS Escrow Funds was due to be released on 7 July 2018. As a result, a balance of approximately €2.2 million (approximately £1.95 million) has now been released to the Company from the escrow arrangements. The Company and Wavestone have agreed to extend the period of escrow for an amount equal to the approximate €1.8 million (approximately £1.6 million) claimed by Wavestone by a further month to 7 August 2018 so as to allow negotiations over the treatment of the potential indemnification claims raised in Wavestone's letter to be finalised. The Board remains confident as to the Group's overall position in terms of the claims raised to date by Wavestone, and so expects to secure the release of the remaining outstanding KS Escrow Funds progressively. As previously announced, the Board believes a degree of uncertainty still exists as to the timing of the remaining KS Escrow Funds being released to the Group in the second half of 2018.

 

The Board will provide further updates on these matters as appropriate and continues to recommend that shareholders vote in favour of the resolutions relating to the Placing and Open Offer at the general meeting to be held on 18 July 2018 as outlined in the prospectus published on 29 June 2018.

 

Management Consulting Group PLC

Tel: +44 20 7710 5000

 

Nick Stagg, Chairman and Chief Executive 

 

Market Abuse Regulation

 

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.

 

The person responsible for arranging for the release of this announcement on behalf of the Group is Nick Stagg, Chairman and Chief Executive.

 

Forward-looking statements

 

Certain information contained in this announcement constitutes forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement.

 

The forward looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Group does not undertake any obligation to publicly update or revise any forward looking information except as required by applicable securities laws.

 

 

END

 

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
 
 
MSCKMGMNNGNGRZG
Date   Source Headline
31st Jan 20083:21 pmRNSRe Circular
28th Jan 20085:38 pmRNSHolding(s) in Company
22nd Jan 20087:01 amRNSTrading Statement
18th Jan 20081:37 pmRNSMeeting Requisition - Update
17th Jan 20082:46 pmRNSHolding(s) in Company
15th Jan 20086:30 pmRNSHolding(s) in Company
15th Jan 20081:49 pmRNSHolding(s) in Company - Amend
15th Jan 200811:34 amRNSHolding(s) in Company
10th Jan 20086:29 pmRNSHolding(s) in Company
10th Jan 20084:10 pmRNSRequisition for an EGM
7th Jan 200810:09 amRNSDirector/PDMR Shareholding
4th Jan 20081:14 pmRNSHolding(s) in Company
21st Dec 20073:29 pmRNSHolding(s) in Company
19th Dec 200710:44 amRNSHolding(s) in Company
12th Dec 20079:32 amRNSNotice of Trading Update
3rd Dec 20075:10 pmRNSHolding(s) in Company
26th Nov 20074:20 pmRNSDirector's Shareholding
22nd Nov 20074:55 pmRNSDirector's Shareholding
19th Nov 20072:45 pmRNSHolding(s) in Company
19th Nov 20079:15 amRNSDirector's Shareholding
31st Oct 20075:12 pmRNSTotal Voting Rights
26th Oct 20071:53 pmRNSHolding(s) in Company
23rd Oct 20073:58 pmRNSDirectors' shareholdings
22nd Oct 20073:34 pmRNSHolding(s) in Company
18th Oct 20079:40 amRNSHolding(s) in Company
17th Oct 200712:50 pmRNSHolding(s) in Company
15th Oct 20073:24 pmRNSHolding(s) in Company
15th Oct 20077:01 amRNSCompletion of Acquistion
12th Oct 20074:35 pmRNSPrice Monitoring Extension
11th Oct 200711:20 amRNSResult of EGM
5th Oct 200711:08 amRNSDirector's Shareholding
4th Oct 20072:58 pmRNSHolding(s) in Company
3rd Oct 20079:28 amRNSDirector's Dealing
3rd Oct 20078:02 amRNSAdditional Listing
28th Sep 200712:09 pmRNSTotal Voting Rights
27th Sep 20071:19 pmRNSHolding(s) in Company
26th Sep 20075:16 pmRNSHolding(s) in Company
24th Sep 20078:57 amRNSDirector/PDMR Shareholding
21st Sep 20074:48 pmRNSRe Circular
19th Sep 20077:05 amRNSChange of Adviser
19th Sep 20077:02 amRNSAcquisition
14th Sep 20071:00 pmRNSHolding(s) in Company
6th Sep 20075:38 pmBUSManagement Consulting Group Expands Corporate Family with CBH Acquisition
6th Sep 20077:02 amRNSAcquisition
15th Aug 20073:54 pmRNSHolding(s) in Company
15th Aug 20071:10 pmRNSHolding(s) in Company
13th Aug 20077:01 amRNSInterim Results
2nd Jul 200710:01 amRNSHolding(s) in Company
27th Jun 20074:40 pmRNSHolding(s) in Company
30th May 20071:00 pmRNSDirectorate Change

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.