GoIndustry-DoveBid PLC Release of provision of £700,000 (2962C)

TIDMGOI

RNS Number : 2962C

GoIndustry-DoveBid PLC

30 April 2012

GoIndustry-DoveBid plc / Market: AIM / Epic: GOI / Sector: Support Services

30 April 2012

GoIndustry-DoveBid plc (the "GoIndustry DoveBid' or 'the Group')

Release of provision of GBP700,000

GoIndustry DoveBid, the global provider of asset management, auction and valuation services, is pleased to announce that on 27 April 2012 it entered into a settlement agreement in respect of a long-standing dispute with a customer which arose in DoveBid, Inc., prior to its acquisition by the Group in February 2008. Under the terms of the settlement, the Group has agreed to make payment of EUR300,000 by 31 August 2012 in return for a mutual waiver and release of all claims arising prior to the settlement agreement.

This settlement will enable the Group to release in its consolidated accounts for the year ended 31 December 2011 a net amount of GBP700,000 of provision in respect of the dispute, which will be recorded as an exceptional item.

**ENDS**

 
Jack Reinelt      GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Leslie-Ann Reed   GoIndustry-DoveBid plc     Tel: 020 7098 3700 
Chris Fielding    WH Ireland Ltd             Tel: 020 7220 1650 
                   (Nominated Adviser) 
Felicity Edwards  St Brides Media & Finance  Tel: 020 7236 1177 
                   Ltd

This information is provided by RNS

The company news service from the London Stock Exchange

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