Following the sale of HansenDoor in 2005 the buyer held back ca. 2,5 mio. DKK of the purchase value And claimed HansenGroup for various issues. Also a loan of ca. 2,0 mio. DKK and interest has been held back by the buyer. In order for us to get our monies we were forced to take matters to adjudication.

The verdict has just been released and the adjudicator backed up HansenGroup 100%, which means that the witheld monies will be released to HansenGroup.

Also the loan and interest must be paid back to HansenGroup within 14 days. We unfortunately foresee that the buyer cannot pay back the loan and interest and we have prudently reserved the amount in the 08/09 accounts.

Sad that we had to spend much time, effort and costs with the adjudication, but it was as mentioned necessary to get our monies released. Pleasingly the adjudicator fully agreed that the "claims" were nonsense, as HansenGroup loyally had given the buyer all necessary information.

We are very pleased with the verdict and pleased that the adjudiation is now finished (it is not possible to appeal).

Any questions please do not hesitate to call Hans or Jesper.