Avesco Group PLC Update on return of cash proceeds from settlement (9020T)

TIDMAVS

RNS Number : 9020T

Avesco Group PLC

26 November 2013

Avesco Group plc (Avesco or the Company)

Update on return of cash proceeds from settlement of the Disney litigation

The Company has previously announced its intention, subject to shareholder approval, to return GBP30.6m of the funds (amounting to GBP1.10 per share) received from the outcome of litigation brought by Celador International Ltd against The Walt Disney Company (the Return of Cash). The Return of Cash will be implemented by way of a B & C Share Scheme (the Scheme) and to LTIP holders by way of a cash bonus. It was previously anticipated that the Return of Cash would be completed by the end of December 2013.

While the Board still intends to proceed with the Return of Cash, the Company has recently also been in discussions regarding another potential transaction. Although there can be no certainty that an agreement will be reached on the terms of such transaction, the Board believes that it would be beneficial to allow further time in which to attempt to conclude an agreement in relation to the potential transaction and then to present such transaction to the Company's shareholders at the same time as, and together with, the Scheme.

Accordingly, it is therefore anticipated that the circular in connection with the Scheme will be posted in December 2013 and completion of the Return of Cash will now take place in January 2014. The Company will provide a further update in due course.

For further information please contact:

 
Avesco Group plc 
Richard Murray, Chairman                 01293 583400 
John Christmas, Group Finance Director 
 
finnCap 
 Julian Blunt/Ed Frisby 
 Corporate Finance 
 Brian Patient/Victoria Bates, 
 Corporate Broking                       020 7220 0500

This information is provided by RNS

The company news service from the London Stock Exchange

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