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- Release Date: 26/08/13 10:30
- Summary: GENERAL: MFT: Amicable Settlement Reached in Wim Bosman Dispute
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MFT
26/08/2013 08:30
GENERAL
REL: 0830 HRS Mainfreight Limited
GENERAL: MFT: Amicable Settlement Reached in Wim Bosman Dispute
Amicable settlement reached in Wim Bosman Dispute
Mainfreight Limited has reached an amicable agreement to settle a dispute
with the former owners of the Wim Bosman group.
The terms of the settlement include:
- A payment of EUR8,200,000 is to be made by the former owners to the
Mainfreight group as an adjustment to the purchase price paid for the Wim
Bosman group. This includes the amount that has been held in escrow since
the purchase was completed in 2011.
- The Mainfreight group will not pursue any claim against the former owners
in connection with the termination by Giant Europe B.V. of its contract with
the Wim Bosman group.
- The former owners confirm that they have no entitlement to any earn-out
payment under the 2011 sale and purchase agreement.
- Arrangements have also been entered into for the Mainfreight group to lease
an additional piece of land adjoining the Ans building in s'-Heerenberg, The
Netherlands from entities owned by the former owners. Mainfreight already
leases the Ans building under terms agreed when it purchased the Wim Bosman
group in 2011. The former owners have also agreed that their intended
construction of a new warehouse by them on the land immediately adjacent to
the Ans building in 's-Heerenberg, The Netherlands, will not occur during the
duration of the lease of the Ans building by Mainfreight. In return,
Mainfreight will pay an additional EUR 200,000 per annum from 1 April 2016
until 31 March 2021.
Mainfreight is pleased to have resolved these issues by agreement with the
former owners of the Wim Bosman group and Mainfreight intends to continue to
focus its efforts on positioning its European business for growth and
improved profitability.
For further information, please contact Don Braid, Group Managing Director,
telephone +64 9 259 5503, +64 274 961 637 or email [email protected].
End CA:00240144 For:MFT Type:GENERAL Time:2013-08-26 08:30:03
