Adept4 Agrees GBP370,000 Settlement With Microsoft Over Vendor Dispute

LONDON (Alliance News) - Adept4 PLC late Friday said Friday it agreed a GBP370,000 settlement ...

Alliance News 21 December, 2018 | 5:52PM
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LONDON (Alliance News) - Adept4 PLC late Friday said Friday it agreed a GBP370,000 settlement payment with Microsoft Corp in relation to its vendor dispute.

In September, Adept4 settled its legal dispute with Adept4 Managed IT Ltd vendors, without having to pay.

Following the end of the dispute, Adept4 undertook a review to assess the level of settlement it felt would be acceptable. It took into consideration historic licencing review of the acquired business being undertaken by Microsoft.

The liability will be included in its financial 2018, which ended on September 30, results, expected to be announced in February.

Adept4 said it will not impact is trading earnings before interest, tax, depreciation and amortisation. Adept4 said there is no change to its guidance from its November trading update.

Adept4 expects trading group Ebitda of GBP600,000, down from GBP1.2 million the year before.

Shares in Adept4 closed down 9.1% Friday at 1.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
adept4 PLC 0.73 GBX 0.00 -
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