Settlement Agreement/Deed of Amendment (6245E)
09 April 2011 - 2:12AM
UK Regulatory
TIDMTWE
RNS Number : 6245E
Twenty PLC
08 April 2011
8 April 2011
TWENTY PLC
(AIM: TWE)
('Twenty' or 'the Company')
Settlement Agreement and
Deed of Amendment to a Sale & Purchase Agreement
The Board of Twenty Plc (AIM: TWE.L), an investment vehicle
focussing on the marketing services sector, announces that it has
today signed an Agreement with HOV Global Services Holdings Limited
in settlement of a claim concerning breach of warranty in relation
to the sale of DF Property Portfolio Limited, the holding company
of Dataforce Interact Limited, during May 2010.
The Deed of Amendment signed today, 8(th) April 2011, in
relation to the original agreement for the sale and purchase of
shares in DF Property Portfolio Limited, which was dated 30 April
2010, (the details of which were announced on 30 April 2010),
amends the sale price from the original GBP9,140,000 to
GBP7,690,000 of which GBP6,190,000 was paid upon completion in May
2010. The balance of GBP2,950,000 was to be paid over two payments
in July 2011 and 2012. This figures is now reduced by this Deed of
Amendment to GBP1,500,000 and the repayment schedule has been
re-arranged as follows :
payment of GBP300,000 on 11(th) April 2011 and deferment of
GBP94,412 (payments for services due from Twenty plc to Dataforce
Interact Limited)
7 quarterly payments of GBP171,428.57 on the last business day
of each quarter commencing 30(th) June 2011
The Board, having taken legal advice, viewed the claim as
opportunistic and did not consider that such claims had a
reasonable prospect of success, but has decided that with the
potentially high cost of an ongoing litigation and distraction of
the senior executives that reaching this settlement was in the
interests of shareholders.
Enquiries:
Twenty plc
Ian Lancaster, Chief Executive Tel: 01908 829300
www.twentyplc.com
Daniel Stewart & Company plc
Noelle Greenaway /Paul Shackleton Tel: 020 7776 6550
Notes to Editor:
Twenty plc is dedicated to creating a marketing services group
through customer and prospect data, with data intelligence at its
heart.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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