REG - Treatt PLC - Half-year Report <Origin Href="QuoteRef">TET.L</Origin> - Part 2

TreattAnnouncement

17/05/2016 07:00

- Part 2: For the preceding part double click  ID:nRSQ3914Ya 

costs between the
parties will be determined by the Court following conclusion of the entire
claim. 
 
The amount included in these financial statements as a liability in respect of
the earn-out is based on the earn-out notice issued to the vendors in 2012, as
subsequently supported by our submission to the expert.  This is the only
appropriate estimate which can be made until the outcome of the expert
determination process is known and as with any litigation there can be no
certainty of the eventual outcome. 
 
12.    Related party transactions 
 
Treatt Plc, the Parent Company, entered into the following material
transactions with related parties: 
 
                                           Six months to  Six months to  Year to       
                                           31 March       31 March       30 September  
                                           2016           2015           2015          
                                           (unaudited)    (unaudited)    (audited)     
                                           £'000          £'000          £'000         
                                                                                       
 Interest received on loan notes from:                                                 
 Earthoil Plantations Limited              4              7              14            
 Earthoil Kenya PTY EPZ Limited            2              3              6             
                                                                                       
 Dividends received from:                                                              
 R C Treatt & Co Limited                   1,087          2,637          3,072         
 Treatt USA Inc                            328            -              1,021         
                                                                                       
 Redeemable loan notes receivable:                                                     
 Earthoil Plantations Limited              950            950            950           
 Earthoil Kenya PTY EPZ Limited            400            400            400           
                                                                                       
 Amounts owed to/(by) parent undertaking:                                              
 Earthoil Plantations Limited              36             105            (61)          
 R C Treatt & Co Limited                   (38)           (149)          116           
                                                                                       
 
 
The redeemable loan notes are redeemable in full on conclusion of the earn-out
dispute referred to in note 11.  The loan notes are no longer subject to
interest.  Amounts owed to the Parent Company are unsecured and will be
settled in cash. 
 
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS 
 
This announcement contains forward-looking statements that are subject to risk
factors associated with, among other things, the economic and business
circumstances occurring from time to time in the countries, sectors and
markets in which the Group operates.  It is believed that the expectations
reflected in these statements are reasonable but they may be affected by a
wide range of variables which could cause actual results to differ materially
from those currently anticipated.  No assurances can be given that the
forward-looking statements in this announcement will be realised. The
forward-looking statements reflect the knowledge and information available at
the date of preparation of this announcement and the Group undertakes no
obligation to update these forward-looking statements.  Nothing in this
announcement should be construed as a profit forecast. 
 
This information is provided by RNS
The company news service from the London Stock Exchange