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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Smart Parking Ltd    SPZ   AU000000SPZ0

SMART PARKING LTD (SPZ)
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Smart Parking : Legal Dispute Mon,14 Dec 2015 23:26:48 GMT

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12/15/2015 | 03:09am CET

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Manager of Company Announcements ASX Limited

Level 8 Exchange Plaza 2 The Esplanade

PERTH WA 6000


15 December 2015 By E-Lodgement

Legal Dispute


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 net asset position of Town & City on settlement of the acquisition of Town & City by the Company; and


  • the extent of any earn-out payment due to the Vendor.


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

Australia


New Zealand

583 Great South Road

PO Box 12584

Penrose Auckland 1642 New Zealand

Tel: +64 7823 2090


www.smartparking.com [email protected]

ASX: SPZ

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