Wincanton PLC
08 October 2007
For Immediate Release 8 October 2007
Wincanton Plc
('Wincanton' or 'the Group')
Arbitration Monies Received
Wincanton announced on 31 August 2007 a favourable outcome to the arbitration
proceedings between PGN Logistics ('PGN'), a 50 per cent-owned joint venture
company, and CNH, the principal customer of PGN.
CNH has now paid £27.4m to PGN in respect of certain of the matters in dispute.
PGN believes that further monies remain due from CNH and is making
representations to this effect at an arbitration hearing currently in progress.
The accounting treatment of sums received will be finalised following the
definitive decision from the arbitration proceedings. It is currently expected
that approximately £8m of Wincanton's 50 per cent share of the £27.4m received
will be applied against the Group's share of the debt due from CNH. The balance
of the monies received to date, allowing for the recovery of other PGN-related
accruals, is expected to result in an exceptional profit of approximately £3.5m.
As previously indicated, a decision in respect of any further sums due to PGN is
expected in early 2008.
For further information please contact:
Wincanton plc 01249 710 000
Graeme McFaull, Chief Executive
Gerard Connell, Group Finance Director
Buchanan Communications 020 7466 5000
Charles Ryland / Jeremy Garcia
This information is provided by RNS
The company news service from the London Stock Exchange
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