23 Jul 2015 08:16
Ventus VCT plc (the "Company")
Company update
In its Annual Report and Financial Statements for the year ended 28 February 2015, the Company disclosed that a claim had been filed against the Company under a warranty in the Share Purchase Agreement pertaining to the sale of an investee company previously owned by the Company. The disclosure stated that the Company was vigorously defending the claim, that no provision had been made in the accounts and that the Directors did not expect the outcome to have a material impact on the Company's accounts.
The Directors are pleased to report that the claim in question has now been settled with an immaterial impact on the Company's net asset value. The settlement specifies that the deferred consideration due to the Company pursuant to the sale in question will now be due by 31 December 2016 at the latest. The deferred consideration continues to accrue interest and will be revalued in line with the Company's accounting policy in the accounts as at 31 August 2015.
For further information please contact The City Partnership (UK) Limited on 0131 243 7210.