Update on Acquisitions
Update on Acquisitions
May 19, 2005 at 12:00 AM EDT
RNS Number:5056M
Computacenter PLC
19 May 2005
Update on Acquisitions - Germany and Austria
Further to the German and Austrian acquisition update contained in note 14 of
the 2004 Annual Report and Accounts, Computacenter plc is pleased to announce
that the independent Expert, PricewaterhouseCoopers, has issued its final
determination on the disputed opening Net Asset Value. The final determination
has resulted in an amount receivable by Computacenter plc which is marginally in
excess of the #32,448,000 included as a receivable in Debtors as at 31st
December 2004. However, as noted previously only certain elements, circa fifteen
percent, of the repayment claim were disputed by GE Capital ITS.
GE Capital ITS has exercised a right of retention under German law and has
communicated its intention to declare a set-off with the contingent liability as
noted below against our Net Asset Value claim provided an award is rendered in
favour of GE Capital ITS.
There has been no change or further development concerning the claim of
Euro52,165,292 (#36,892,000) plus interest asserted by GE Capital ITS for upfront
payment for the tax assets as opposed to payment as the assets are utilised. The
Group rejects this adjustment and legal proceedings continue between the
Parties. On the basis of legal advice received the Board is confident that this
claim is without merit and is being defended accordingly. No provision for this
claim has been made in the Group's accounts. Accordingly, the Group expects on
the successful resolution of the tax assets claim, to receive payment of the Net
Asset Value claim.
Enquiries:
Computacenter plc:
Mike Norris, Chief Executive 01707 631601
Tony Conophy, Finance Director 01707 631515
www.computacenter.com
Tulchan Communications:
Tim Lynch 020 7353 4200
www.tulchangroup.com
This information is provided by RNS
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