Manganese Bronze Hldgs PLC Extension of agreement with Geely (6409I)
27 Julio 2012 - 1:00AM
UK Regulatory
TIDMMNGS
RNS Number : 6409I
Manganese Bronze Hldgs PLC
27 July 2012
Manganese Bronze Holdings PLC
27 July 2012
Extension of agreement with Geely International Corporation
Manganese Bronze Holdings PLC ("MBH"), the leading manufacturer
of the distinctive London taxi, announces the signing of an
agreement with Geely International Corporation ("Geely") to extend
by a further year the one-year agreement announced on 17 August
2011 relating to the potential distribution in the United Kingdom
of Geely's vehicles and spare parts, and the provision of
after-sales service.
Under the terms of the original agreement, MBH had been granted
exclusivity to develop and agree a business plan with Geely
covering all aspects of the potential launch of Geely products in
the United Kingdom and their ongoing after-sales support. MBH and
Geely have established a project team to determine the scope of any
future distribution arrangements and remain committed to entering
the UK market with a competitive and appealing product range backed
up with an effective after-sales process.
Whilst it is the clear intention of both parties to agree the
business plan and enter into a longer-term distribution agreement,
should this not be possible, the agreement will lapse on 1 August
2013.
Commenting on the signing of the agreement, John Russell, Group
Chief Executive, said:
"The UK car market is one of the most discerning in the world
and it is appropriate that we take the extra time this extension
gives us to ensure that the final distribution agreement is a firm
foundation for a successful launch."
For further information, please contact:
Manganese Bronze Holdings PLC
John Russell, Group Chief Executive Tel: +44 (0) 24 7657
2108
Peter Johansen, Group Finance Director Tel: +44 (0) 24 7657
2214
FTI Consulting
Nick Hasell Tel: +44 (0) 20 7269 7291
Grant Thornton UK LLP
Philip Secrett/Melanie Frean Tel: +44 (0) 20 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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