Agreement Of VAT Statement

Lookers PLC 24 May 2004 24 May 2004 LOOKERS PLC AGREEMENT OF VAT CLAIMS Lookers plc is pleased to announce that it has successfully negotiated with HM Customs and Excise its initial claim in respect of VAT overpaid on demonstrator vehicles in the period 1973 to 1996. The total amount receivable from Customs & Excise net of expenses will be at least £15 million. This will be disclosed in the Interim Announcement as £7 million as an exceptional item within operating profit, and £8 million as interest received. There are further amounts yet to be agreed with Customs which will also be material to the Group's results and when confirmation of these has been received, a further announcement will be made. As previously indicated, the cash received will be used to reduce gearing and fund the Group's continuing acquisition programme. Enquiries: Ken Surgenor, Chief Executive David Dyson, Finance Director Telephone: 0161 291 0043 Andrew Hayes / James Hill, Hudson Sandler Telephone: 020 7796 4133 A conference call will be held today at 10.00am. For further information please contact Rebecca Ghent at Hudson Sandler on 020 7796 4133. This information is provided by RNS The company news service from the London Stock Exchange

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Lookers (LOOK)
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