Manager of Company Announcements ASX Limited
Level 8 Exchange Plaza 2 The Esplanade
PERTH WA 6000
15 December 2015 By E-Lodgement
Smart Parking Ltd (ASX: SPZ) (Company) advises that the independent expert adjudicating the dispute (Dispute) between the Company and the vendor (Vendor) of Town & City Parking UK (Town & City) has delivered his determination.
The Company acquired Town & City in January 2012, and the Dispute centred around:
The independent expert determined that a net asset adjustment should be made in the Company's favour of £1,233,053. In the case of the earn-out, he agreed with Smart Parking's position that there was no earn-out payment due.
The net result, after taking into account that the Company has already received over
£1.4m in connection with the sale of Smart Parking shares previously held by the Vendor, is that the Company is required to pay the Vendor £219,437.
The parties have borne the costs of the independent expert equally, and are to bear their own costs associated with the Dispute.
The Board is pleased that the Dispute is finally resolved and that the determination has effectively confirmed its position.
For and on behalf of the Board,
Jeremy King Company Secretary
The World's Smartest Parking Tools
Australia 177 Salmon Street Port Melbourne Victoria 3207
583 Great South Road
PO Box 12584
Penrose Auckland 1642 New Zealand
Tel: +64 7823 2090