22 August 2017
visit www.avoka.com

Scott Tod and Brinks resolve contract dispute

19 July 2006  |  1854 views  |  0 Source: Scott Tod

Scott Tod plc (the Company) reports that its wholly owned subsidiary, Scott Tod Developments Limited (STDL) has resolved its dispute with Brinks (UK) Limited (Brinks) in relation to the former contract between the parties.

Pursuant to the settlement, Brinks paid a sum of £567,000 to the Company. As the Company had previously written off all amounts due from Brinks, as part of the goodwill arising on the acquisition of STDL, consideration will be given to the correct accounting treatment of the sum received in the year ended 30 June 2006.

Following the appointment of John Dixon as finance director in December 2005, the Company initiated a reconciliation of its fixed assets and, in particular, its estate of ATMs. This is now nearing completion and whilst the total number owned at 30 June 2006 is likely to reduce from previously recorded levels, the number processing through STDL is unlikely to be affected materially. Any difference to book values will be accounted for in the year ending 30 June 2006.

On 30 May 2006 the Company reported that trading was improving. This trend appears to have continued with the last three months of the financial year providing the most consistent results for some time.

On 13 July 2006, the Company announced that it was recommending an all cash offer at 21p per share by Hines Associates Limited on behalf of Notemachine Limited. It is expected that the formal offer document will be posted shortly.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comdownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11824 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10225 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9864 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9561 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9552 views comments | 19 tweets | 23 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job