Brief: ZEAL Network Subsidiary Agrees With Tax Authority To Limit Risk Until Completion Of VAT Proceedings

ZEAL Network SE

19/12/2019 17:25

Dec 19 (Reuters) - ZEAL NETWORK  TIMGn.DE :
    * SUBSIDIARY MYLOTTO24 AGREES WITH TAX AUTHORITY TO LIMIT
RISK
UNTIL COMPLETION OF VAT PROCEEDINGS
    * MYLOTTO24 ENTERS INTO AN AGREEMENT WITH COMPETENT TAX
AUTHORITY
HANOVER-NORD
    * AGREEMENT ELIMINATES RISK OF POTENTIAL FINES FOR LATE
PAYMENT OF
TAXES AND SIGNIFICANTLY REDUCES AMOUNT OF POTENTIAL INTEREST
PAYMENTS
    * MYLOTTO24 WILL - WITHOUT ACKNOWLEDGING ANY LEGAL
OBLIGATION -
PAY A PARTIAL AMOUNT OF APPROXIMATELY EUR 54 MILLION ON VAT
ASSESSED IN RESPECT OF ITS PREVIOUS SECONDARY LOTTERY BUSINESS
    * PAYMENT IS EXPECTED TO BE MADE IN JANUARY 2020
    * VAT PAYMENT WILL REDUCE CONSOLIDATED 'CASH AND PLEDGED
CASH' AND
'FINANCIAL ASSETS' POSITION OF ZEAL GROUP ACCORDINGLY
    * THIS TOTALED APPROXIMATELY EUR 160.1 AS OF 30 SEPTEMBER
2019

Source text for Eikon:  ID:nEQ2YrGjsa 
Further company coverage:  TIMGn.DE 

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