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Release of Tax Deposits

Thursday, 05 June 2014 11:31

NORCON PLC

("Norcon" or the "Company")

 

Release of Tax Deposits

 

Norcon (AIM: NCON), the global communications network specialist, is pleased to announce that deposits to the value of USD 5.9 million (out of a total of USD 6.2 million) held against guarantees towards the Department of Zakat and Income Tax ("DZIT"), the Saudi Arabian tax authority, as described in the Company's annual report and accounts for the year ended 31 December 2013, have now been released. Furthermore, as disclosed in the Company's annual report and accounts for the year ended 31 December 2013, the tax examination in relation to Norcon's Saudi Arabian branch, relating to the years 2006 - 2012, resulted in an additional tax liability for the amount of approximately USD 0.5 million (SAR 2 million), for which an objection has been filed towards DZIT.
 

 

For further information, please contact:

 

Norcon plc

 

Trond Tostrup, Executive Chairman

+47 901 69369

Arne Dag Aanensen

+357 9901 5433

   

finnCap

 

Stuart Andrews/Charlotte Stranner (Corporate Finance)

+44 (0) 20 7220 0500

Stephen Norcross (Corporate Broking)

 

 

ABOUT NORCON:

 

Established in 1957, Norcon (LSE/AIM: NCON) has been a trusted consultant and project manager for more than half a century to governments and some of the world's largest global firms.  These organisations rely on Norcon to select, implement and maintain a communication infrastructure that not only matches, but also supports the critical needs of their operations.  Norcon's strength lies in its understanding of complex communication networks and their design.

 

This information is provided by RNS
The company news service from the London Stock Exchange