Security services specialist Westminster Group (LON:WSG) has settled with the vendors of CTAC, acquired in April 2010, and is set to receive an initial payment soon.
"We announced in our trading statement on 30 June that agreement had been reached in principle with the vendors of CTAC Limited and that we expected a final resolution to this issue in July 2015. I am therefore pleased to now be able to announce we have secured full and final settlement today,” said Peter Fowler, chief executive of Westminster Group.
Westminster said it will receive an initial payment within 28 days, while the whole sum, which is secured against assets, is to be received by May 2018.
Details of the settlement were not revealed, but industry observers believe the payment is likely to be several hundred thousand US dollars.
CTAC, a provider of high end security solutions based in Kidderminster, was sold by Westminster in May 2013.
"With the Ebola issue hopefully coming to an end and the increasing interest in our services from around the world I am pleased this legacy issue has been finalised so that management time can be spent on developing our business," Fowler said.