Source - SMW
Watchstone Group notes the announcement by Slater and Gordon Ltd advising it and/or Slater and Gordon (UK) 1 Ltd (together, SGH) intend to bring a claim against it arising from SGH UK's purchase of the company's professional services division in May 2015.

Watchstone said it conducted a professional and transparent disposal process of the Professional Services Division assisted and advised by leading specialists. 

"In addition, Watchstone allowed SGH the opportunity to complete an extensive and detailed due diligence process with the assistance and advice of a similarly specialist team," the company said.

It further noted reference in the SGH Announcement to the escrow account containing £50.0m of the original purchase consideration for the acquisition ("Warranty Escrow") due for release to Watchstone on 29 November 2016.

Separately, Watchstone amended its interim results. Its underlying loss per share was 15.9p a share on a basic and diluted basis, rather than a loss of 31.9p.

For the six months ended 30 June 2016 the group's total loss per share was 16.7p on a basic and diluted basis, rather than a loss of 33.5p.

There were four other amendments contained in the statement.