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REG - Anexo Group PLC - Settlement with Volkswagen AG

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RNS Number : 6950B  Anexo Group PLC  05 June 2023

 5 June 2023

 

Anexo Group plc

('Anexo' or the 'Company')

 

Settlement with Volkswagen AG

 

Anexo can announce that the Group has reached an agreement with Volkswagen AG
("VW") and its subsidiaries to conclude the claims of around 12,000 claimants
represented by the Group (the "VW Emissions case"). The VW Emissions case was
handled by a specialist team within the Group's legal services division, Bond
Turner.

 

This agreement avoids the need for protracted litigation and the substantial
legal costs that would have been incurred by both parties had the matter
progressed to trial.

 

The terms of the agreement are subject to confidentiality restrictions,
however the Group can announce that it will have a net positive cash position
to Anexo of £7.175 million.

 

Given the timing of the agreement, it will not have an impact on the results
for the year ended 31 December 2022.

 

 

For further enquiries:

 Anexo Group plc                                                     +44 (0) 151 227 3008

                                                                     www.anexo-group.com (http://www.anexo-group.com)
 Alan Sellers, Executive Chairman

 Gary Carrington, Interim Chief Financial Officer

 Nick Dashwood Brown, Head of Investor Relations

 WH Ireland Limited

 (Nominated Adviser & Joint Broker)
 Chris Hardie / Hugh Morgan/ Darshan Patel / Enzo Aliaj (Corporate)    +44 (0) 20 7220 1666

 Fraser Marshall / Harry Ansell (Broking)                            www.whirelandplc.com/capital-markets
                                                                     (https://url.avanan.click/v2/___https:/eu-west
                                                                     -1.protection.sophos.com?d=whirelandplc.com&u=aHR0cDovL3d3dy53aGlyZWxhbmRwbGMuY29tL2NhcGl0YWwtbWFya2V0cw==&i=NWNkOTc2NmM5OWJhMjAxMDhmN2IyYzQ1&t=SXVCMnArbXpCUWFUR3hiN0dhVjR5Q3d4VDNrTGVJc1JZVXNxWVRpbE8zcz0=&h=0482e68813aa4f569a47aab5cdad04d1___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzpjYjY3ZDZhNTE1ZmUwZTA0Zjg3MDFkYTJhYTAxZGMyNDo2OmU0NjA6M2ViNTgwYzkxMmM5NTFlMzUyMzM1ODhlNzcyOGFhMjZhNjI0OTkzOGRkOTkzZjQ5NTUzNjFjYzE5N2UwYTBkNzpoOlQ)

 Zeus

 (Joint Broker)                                                      +44 (0) 20 3829 5000

 David Foreman / Louisa Waddell (Investment Banking)                 w (http://www.arden-partners.co.uk) ww.zeuscapital.co.uk

                                                                   (http://www.arden-partners.co.uk)
 Simon Johnson (Corporate Broking)

 

Notes to Editors:

Anexo is a specialist integrated credit hire and legal services provider. The
Group has created a unique business model by combining a direct capture Credit
Hire business with a wholly owned Legal Services firm. The integrated business
targets the impecunious not at fault motorist, referring to those who do not
have the financial means or access to a replacement vehicle.

 

Through its dedicated Credit Hire sales team and network of 1,100 plus active
introducers around the UK, Anexo provides customers with an end-to-end service
including the provision of Credit Hire vehicles, assistance with repair and
recovery, and claims management services. The Group's Legal Services division,
Bond Turner, provides the legal support to maximise the recovery of costs
through settlement or court action as well as the processing of any associated
personal injury claim.

 

The Group was admitted to trading on AIM in June 2018 with the ticker ANX. For
additional information please visit: www.anexo-group.com
(http://www.anexo-group.com/)

 

 

 

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