Anexo Group PLC Settlement with Volkswagen AG (6950B)

TIDMANX

RNS Number : 6950B

Anexo Group PLC

05 June 2023

 
 5 June 2023 
 

Anexo Group plc

('Anexo' or the 'Company')

Settlement with Volkswagen AG

Anexo can announce that the Group has reached an agreement with Volkswagen AG ("VW") and its subsidiaries to conclude the claims of around 12,000 claimants represented by the Group (the "VW Emissions case"). The VW Emissions case was handled by a specialist team within the Group's legal services division, Bond Turner.

This agreement avoids the need for protracted litigation and the substantial legal costs that would have been incurred by both parties had the matter progressed to trial.

The terms of the agreement are subject to confidentiality restrictions, however the Group can announce that it will have a net positive cash position to Anexo of GBP7.175 million.

Given the timing of the agreement, it will not have an impact on the results for the year ended 31 December 2022.

For further enquiries:

 
Anexo Group plc                               [phone] 
                                               www.anexo-group.com 
Alan Sellers, Executive Chairman 
 Gary Carrington, Interim Chief Financial 
 Officer 
 Nick Dashwood Brown, Head of Investor 
 Relations 
 
  WH Ireland Limited 
  (Nominated Adviser & Joint Broker) 
Chris Hardie / Hugh Morgan/ Darshan            [phone] 
 Patel / Enzo Aliaj (Corporate)                 www.whirelandplc.com/capital-markets 
 Fraser Marshall / Harry Ansell (Broking) 
 
  Zeus 
  (Joint Broker) 
  David Foreman / Louisa Waddell (Investment    [phone] 
  Banking)                                      w ww.zeuscapital.co.uk 
  Simon Johnson (Corporate Broking) 
 
 

Notes to Editors:

Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.

Through its dedicated Credit Hire sales team and network of 1,100 plus active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX. For additional information please visit: www.anexo-group.com

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June 05, 2023 10:30 ET (14:30 GMT)