Zutec reaches settlement on Qatar receivable
Zutec Holding AB (publ) (“Zutec”) today announced that it has reached an out-of-court settlement in relation to the Qatar receivable. The settlement is inter alia conditional upon Zutec receiving two payment installments; one in May 2020 and one in June 2020. Should such payments be received, Zutec will withdraw its arbitration filing.
As has been previously disclosed the receivable is in relation to unpaid invoices of approximately SEK 11.5m recorded as sales in the financial year ending June 2018. In the quarter ending March 2019, Zutec wrote down the receivable to 90% and then made a further write down of 30% in the quarter ending June 2019. In its latest quarterly report ending March 2020, Zutec wrote down the receivable to zero. Should the conditions of the settlement be fulfilled it will result in a one-time gain of approximately SEK 2 million in the next quarter.
For more information, please contact:
Gustave Geisendorf, CEO at Zutec, firstname.lastname@example.org, +353 1 201 3565
This information is information that Zutec Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16.20 CET on 14 May, 2020.
Zutec is a niche provider of cloud-based construction management software with offices in Dublin, London and Melbourne.