Premier Veterinary Group PLC Receipt of £1m deferred consideration (2467S)
19 December 2016 - 10:37PM
UK Regulatory
TIDMPVG
RNS Number : 2467S
Premier Veterinary Group PLC
19 December 2016
PREMIER VETERINARY GROUP plc
("PVG" or "the Company")
Receipt of GBP1m 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 GBP1m 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 GBP1m
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 19, 2016 06:37 ET (11:37 GMT)
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