19 Dec 2016 11:37
PREMIER VETERINARY GROUP plc
("PVG" or "the Company")
Receipt of £1m deferred consideration
London, UK, 19 December 2016 - Premier Veterinary Group plc (LSE: PVG) provides the following update:
As reported in the preliminary results announcement on 29 November 2016, the Group's statement of financial position as at 30 September 2016 contained an amount of £1m receivable which related to deferred consideration for the sale of its veterinary practices in December 2015. This amount had been held in escrow to cover potential liabilities under warranty and indemnity provisions in the sale and purchase agreement. The full value of the £1m escrow balance has now been received, in line with directors' expectations.
The Annual Report and Accounts for the year ended 30 September 2016 (the "Annual Report") will be posted to shareholders by the end of December, together with the Notice of Annual General Meeting which is to be held at 11.30 am on 3 March 2017 at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH. A full copy of the Annual Report (incorporating the Notice of Annual General Meeting) is also available on the Company's website at www.premiervetgroup.co.uk within the Investor Relations section.
For further information, please contact:
Premier Veterinary Group plc Tel: +44 (0)117 970 4130
Dominic Tonner, Chief Executive Officer
Will Evans, Chief Financial Officer
Square1 Consulting Tel: +44 (0)207 929 5599
David Bick/Brian Alexander
Note to Editors:
PVG's services to third party veterinary practices, through its wholly-owned subsidiary, Premier Vet Alliance Limited ("PVA"), include the administration and support of a preventative healthcare program for pets branded "Premier Pet Care Plan" ("PPCP"); and the operation of a buying group (the "PVA Buying Group") which offers enhanced discounts to member practices on pharmaceutical and consumable spending. In the US, Premier Pet Care Plan is marketed through the Company's wholly-owned subsidiary, Premier Vet Alliance (US) Limited.
PPCP is a structured, preventative healthcare program for cats, dogs and rabbits and is available only through veterinary practices. The program is seen as a way of providing gold standard care for pets at an affordable price for the client, by way of fixed monthly payments.
PPCP uses a clinical approach to prevention, as this is the most effective method of ensuring illnesses are diagnosed more quickly and not given a chance to advance. What truly sets PPCP apart is its unique approach of offering an end-to-end solution and support to the practice, which has been proven to work extremely well. PVA works alongside practices to create a tailor-made, cost-effective service for clients, one that delivers excellent care to their patients and significantly improves practice performance.
The PVA Buying Group, is now the UK's largest veterinary buying group without group interests in veterinary practices or veterinary wholesalers offering its members the best discounts across the industry on pharmaceutical and consumable spend.
For further details: http://www.premiervetalliance.co.uk/:
This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this announcement. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward- looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors readers are cautioned not to rely on any forward-looking statement.