ANSA Closing Balance Sheet Adjustment

 

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RNS Number : 1081D 
Mavinwood PLC 
26 November 2009 
 

 
 
Mavinwood Plc 
("Mavinwood" or the "Company") 
 
ANSA Closing Balance Sheet Adjustment 
 
 
Mavinwood announced the disposal of ANSA Holdings Limited, Independent 
Inspections Limited, and Home and Comforts Limited ("ANSA") on 9 June 2009 to a 
buyout vehicle backed by Lloyds TSB Development Capital Limited (the 
"Purchaser"). The sale was completed on 29 June 2009. The final purchase 
consideration was subject to adjustment dependent on the level of net debt and 
working capital in ANSA at completion. 
 
 
The Company has now agreed the closing balance sheet position with the Purchaser 
and entered into a Settlement Agreement related to other matters in the Sale and 
Purchase Agreement This has resulted in a cash payment to the Purchaser of 
GBP205,000 in relation to the completion balance sheet. The Company has also 
paid GBP260,000 to re-acquire a loan note which was part of the assets sold. The 
directors of the Company believe that the value of the loan note is unlikely to 
be recovered in full. An additional cash payment of GBP130,000 will be made by 
the Company during 2010 as part of the Settlement Agreement. 
 
 
The escrow arrangements announced at the time of the ANSA disposal remain 
unchanged and are separate to the adjustments referred to above. 
 
 
 
 
+------------------------------------------+-------------------+ 
| Mavinwood plc                            |      07966 234075 | 
| Charles Skinner, Chief Executive         |                   | 
|                                          |                   | 
+------------------------------------------+-------------------+ 
| Collins Stewart                          |     020 7523 8350 | 
| Adrian Hadden                            |                   | 
|                                          |                   | 
+------------------------------------------+-------------------+ 
| Threadneedle Communications              |     020 7653 9848 | 
| John Coles                               |                   | 
|                                          |                   | 
+------------------------------------------+-------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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