Catalyst Media Group PLC Resolution of SIS's litigation with TRP (7117Q)
June 30 2022 - 1:00AM
UK Regulatory
TIDMCMX
RNS Number : 7117Q
Catalyst Media Group PLC
30 June 2022
30 June 2022
Catalyst Media Group Plc
("CMG", "Catalyst" or the "Company")
Resolution of SIS's litigation with TRP
The Company is pleased to provide the following update in
respect of Sports Information Services (Holdings) Limited ("SIS")
in which CMG has an approximate 20.54% interest.
Further to the Company's last update of 30 March 2022 in its
interim results announcement, regarding the Appeal Court's
judgement in respect of the case brought by The Racing Partnership
Limited ("TRP") and others against SIS's subsidiary, Sports
Information Services Limited ("SISL"), and others, SISL has
informed the Company that its litigation with TRP has now been
resolved amicably with the precise terms of such resolution being
confidential between the parties.
The Company understands that the unaudited profit before tax for
SIS is in a range of GBP6m to GBP8m for its financial year ended 31
March 2022 versus a loss before tax for the prior year of
approximately GBP7.8m (after adjusting such comparative for a
change in accounting policy). This range reflects certain accruals
and provisions relating to costs and settlement of the
abovementioned litigation such that no further charges to profit
are anticipated. CMG further understands that, following the
settlement, SIS continues to hold substantial cash reserves and
remains in a strong financial position.
Enquiries :
Catalyst Media Group plc
Michael Rosenberg, Non-executive Chairman Mob: 07785 727
Melvin Lawson, Non-executive Director 595
Tel: 020 7734
8111
Strand Hanson Limited Tel: 020 7409
James Harris 3494
Matthew Chandler
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
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END
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