PKW Parkwood Hldgs.

 

TIDMPKW 
 
RNS Number : 1577G 
Parkwood Holdings PLC 
26 January 2010 
 

Parkwood Holdings plc ("the Group") 
 
 
Realm Services (DAC) Limited - Update 
 
 
26 January 2010 
 
 
On 17 August 2009 the Group announced that a subsidiary special purpose company, 
Realm Services (DAC) Limited, had been placed into Administration following a 
contractual dispute with the Ministry of Defence. The appointment of an 
Administrator invoked a 150 day suspension period during which it was hoped that 
a commercial resolution could be found. It has not been possible to achieve this 
objective and the Group entered into a protocol agreement today which will 
result in a termination of the contract at the end of February 2010. 
 
 
Negotiations are ongoing with the Ministry of Defence for a compensation 
settlement in connection with the early termination. This process could take 
some time to conclude and the result is uncertain. The Parkwood Group Board will 
make a final judgement on the carrying value of the Realm investment when the 
Preliminary Results are published but currently expect to fully impair the 
carrying value of the Group's investment which would result in a GBP2.7million 
exceptional charge in the profit and loss account. 
 
 
 
 
For further information, please contact: 
 
 
Parkwood Holdings PLC 
Tony Hewitt, Chairman                    01772 627111 
Mike Quayle, Group Financial Director      01772 627111 
 
 
Brewin Dolphin Investment Banking 
 
 
Neil Baldwin 0845 213 4726 
Derrick Lee                            0845 213 2077 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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