Chemring Group PLC Statement re CFC Finance Company Exemption (4221O)
08 Octubre 2021 - 1:00AM
UK Regulatory
TIDMCHG
RNS Number : 4221O
Chemring Group PLC
08 October 2021
FOR IMMEDIATE RELEASE 8 OCTOBER 2021
CHEMRING GROUP PLC ("Chemring", the "Group" or the
"Company")
Controlled Foreign Company ("CFC") Finance Company Exemption
Chemring is pleased to announce that it has received
confirmation from HM Revenue & Customs that their enquiry into
Chemring's participation in the UK's Controlled Foreign Company
Finance exemption has been closed.
HMRC have advised that they have formed a view that Chemring was
not a beneficiary of State Aid in the periods ending 2013 to 2018.
Furthermore HMRC have confirmed that the European Commission have
indicated that they agree with HMRC's conclusion and the issue as
to whether the Group benefited from State Aid is regarded as
closed.
The Group's 2020 Annual Report & Accounts included a
contingent liability disclosure in Note 34 indicating a range of
possible outcomes of GBPnil to GBP15m plus interest. In light of
this announcement this contingent liability has now been
retired.
-ENDS-
For further information:
Rupert Pittman Group Director of Corporate Affairs, 01794 463401
Chemring Group PLC
Andrew Jaques MHP Communications 020 3128 8170
James Bavister
Cautionary statement
This announcement contains forward-looking statements that are
based on current expectations or beliefs, as well as assumptions
about future events. These forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements often use words such
as anticipate, target, expect, estimate, intend, plan, goal,
believe, will, may, should, would, could, is confident, or other
words of similar meaning. Undue reliance should not be placed on
any such statements because they speak only as at the date of this
document and, by their very nature, they are subject to known and
unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Chemring's plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements. There are a number of factors which
could cause actual results to differ materially from those
expressed or implied in forward-looking statements. Among the
factors that could cause actual results to differ materially from
those described in the forward-looking statements are: increased
competition, the loss of or damage to one or more key customer
relationships, changes to customer ordering patterns, delays in
obtaining customer approvals for engineering or price level
changes, the failure of one or more key suppliers, the outcome of
business or industry restructuring, the outcome of any litigation,
changes in economic conditions, currency fluctuations, changes in
interest and tax rates, changes in raw material or energy market
prices, changes in laws, regulations or regulatory policies,
developments in legal or public policy doctrines, technological
developments, the failure to retain key management, or the key
timing and success of future acquisition opportunities or major
investment projects. Chemring undertakes no obligation to revise or
update any forward-looking statement contained within this
announcement, regardless of whether those statements are affected
as a result of new information, future events or otherwise, save as
required by law and regulations.
Notes to editors
-- Chemring is a FTSE-250 global business that specialises in
the manufacture of high technology products and the provision of
services to the aerospace, defence and security markets
-- Employing approximately 2,300 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is organised under two strategic product sectors:
Sensors & Information and Countermeasures & Energetics
-- Chemring has a diverse portfolio of products that deliver
high reliability solutions to protect people, platforms, missions
and information against constantly changing threats
-- Operating in niche markets and with strong investment in
research and development ("R&D"), Chemring has the agility to
rapidly react to urgent customer needs
www.chemring.co.uk
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END
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