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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Watchstone Group Plc | LSE:WTG | London | Ordinary Share | GB00BYNBFN51 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.10 | 50.00 | 54.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMWTG
RNS Number : 1367K
Watchstone Group PLC
19 September 2016
Watchstone Group plc
("Watchstone" or the "Company")
Response to announcement by Slater & Gordon Limited
Watchstone Group plc (LON:WTG) notes the announcement by Slater and Gordon Limited (ASX: SGH) advising that it and/or Slater and Gordon (UK) 1 Ltd (together "SGH") intend to bring a claim against Watchstone arising from SGH UK's purchase of the Company's Professional Services Division in May 2015 ("SGH Announcement").
Watchstone confirms that it has today received preliminary correspondence on behalf of SGH notifying it of a purported claim. The Company does not believe that there are grounds for a claim to be brought and will defend it robustly.
Watchstone conducted a professional and transparent disposal process of the Professional Services Division assisted and advised by leading specialists. In addition, Watchstone allowed SGH the opportunity to complete an extensive and detailed due diligence process with the assistance and advice of a similarly specialist team.
Watchstone notes reference in the SGH Announcement to the escrow account containing GBP50.0m of the original purchase consideration for the acquisition ("Warranty Escrow") due for release to Watchstone on 29 November 2016.
Following 29 November 2016, monies will be released to Watchstone from the Warranty Escrow unless, inter alia, Watchstone receives an opinion of a senior independent barrister stating that a given claim is more likely to succeed than not ("Opinion"). The Opinion will also quantify what such claim, if successfully brought against Watchstone, would be valued at and this amount would then be retained in the Warranty Escrow until the purported claim was resolved with any excess up to the GBP50.0m released to Watchstone. Prior to the giving of an Opinion, Watchstone will have the opportunity to make submissions in respect of such matters.
Watchstone will make further announcements in due course, as appropriate.
For further information:
Hot Features
Premium
Watchstone Group plc Tel: 03333 448048
Tulchan Communications Tel: 020 7353
4200
Susanna Voyle
Peel Hunt LLP, Nominated Adviser Tel: 020 7418
and broker 8900
Dan Webster
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRGMGMLGLGGVZG
(END) Dow Jones Newswires
September 19, 2016 02:00 ET (06:00 GMT)
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