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From what I understand the majority of the payment will be distributed the the shareholders via a special dividend. Once it's announced by Avesco that funds are received I believe that the sp will rise.
Is this in the sp ? or should we expect an increase when it's received?
Wonder how long before that RNS?
Thanks for that, sounds good!
...So Disney paid the money to Celador some time between 1 April and 7 May 2013. I'm guessing that payment to Avesco must be imminent - you can't just hang on to someone else's US$60m without good reason! I'm expecting an RNS from AVS imminently.
From funchalman on iii: " walt Disney have now paid celador the $321 million , following is from disneys results released tonight. ITEM 1. Legal Proceedings Celador International Ltd. v. American Broadcasting Companies, Inc. On May 19, 2004, an affiliate of the creator and licensor of the television program, “Who Wants to be a Millionaire,” filed an action against the Company and certain of its subsidiaries, including American Broadcasting Companies, Inc. and Buena Vista Television, LLC, alleging it was damaged by defendants improperly engaging in certain intra-company transactions and charging merchandise distribution expenses, resulting in an underpayment to the plaintiff. On July 7, 2010, the jury returned a verdict for breach of contract against certain subsidiaries of the Company, awarding plaintiff damages of $321 million, including agreed upon pre-judgment interest. On December 3, 2012, the Court of Appeals affirmed the judgment against the Company. On December 31, 2012, the Company filed a petition for rehearing en banc, which was denied on February 26, 2013. The Company paid $321 million in satisfaction of the judgment in the third quarter of fiscal 2013. just a case of waiting for avesco to receive their $60 million "
Not sure about today but it should be higher by Friday... 250p minimum imo gl
Any prediictions where this will be heading this morning?
Uniform Dating: for people who like people in uniforms...except you don't have to be in uniforms to go on it, soy you'll end up browsing loads of other people not in uniforms, and if you do wear uniforms why would you want to go on a website for people only interested in you for what you wear, so..... err... what's the point?! ;-) Not that I'm saying the business doesn't have a profitable future - it might well do (I'm not invested and haven't researched). Anyway, back to AVESCO please!
DYOR, but CEO just purchased £1M worth of shares after a very strong result, very prosperous future, though the share has been sliding for the last three months, so very nice entry point...good luck. by the way, company has been purchasing shares back, average price £1.40-£1.50 per share, now for sale £1.17
Keeps going in to auction - not sure whether that's indicative of shares being in relatively short supply too?
Yes I'd expect shares to be in short supply - especially if we get any positive write ups in the press over the weekend / coming week. I'm no expert on the share buyback suggestion. I know that in the past the Company has proposed that the windfall monies would be paid to shareholders by way of a special divided, but I expect there are various options. The way I see it, I'm now holding a large pot at an average of £2.07. In the short-term the share price might well rise to approx £3 pre-windfall, with that effectively becoming partially priced into the existing share price. Upon payment of the windfall the share price may well drop back to reflect the windfall payment, but overall I think there's still plenty of room for overall good profits for any investors buying at up to at least £2.75.
I presume there is not much free float here? Perhaps a share buyback might be considered too?
Thanks - yes I envisage a rise to £3, followed by approx £1.40/share special dividend.
Not that many shares about! Should finish around 250 IMO! Still got half a day with fantastic RNS!
Post recommended - £3 seems fair value for AVS now imo
A stonking buy: 1. At long last the company expects its share of the Disney damages ($60m) within a few months. As a lawyer I wouldn't actually expect it to take that long once the payment has been received by Celdaor from Disney. 2. In this regard, note that Disney made provision for the $320m total payout in their last Financial Accounts, so the money has already been allocated to be paid out. 3. Turning back to Avesco - the fact that the payment will be in US$ is a massive bonus, as it just so happens that the £ is at a TWO YEAR low against the US$ - this means that US$60 is closer to £40m than £37m...all more money to go into the special share dividend pot for AVS holders! 4. There now appears minimal likelihood of Disney having any prospects of appealing to the Supreme Court (which would be its only other possible and last legal option besides paying out now), given: 4.1 The Ninth Circuit was UNANIMOUS in refusing Disney's request for a rehearing en banc; and 4.2. The Supreme Court only deals with matters of wider/policy/public interest - the fact that the Ninth Circuit weren't interested doesn't support this, and further the judgement was handed down as a "unpublished" opinion - this means that it is not intended to set down any wider legal principles that might be relied on in future claims of this nature. This means that as the judgment is not intended to have a wider binding effect on the law in this area then there's minimal chance that the Supreme Court would be interested in hearing any arguments about it. 5. Oh, and talking of dividends, AVS holders will also be receiving a 3p per share normal dividend for all shareholders holding share as of 15 March 2013, so there's a little freebie before the big pay out. 6. Oh, and this is not mentioning the fact that the Company is a fantastic investment regardless of the Disney windfall payout! For the above reasons, I've just doubled my holding.
This looks huge - especially with most of the settlement being paid back to shareholders! Got some today as I am sure the market will digest this news over the next few days and the share price will move up. Ex-dividend next week too! gla
215 - 215
This is on the way up.
...from deadline.com: Unless they want to take it to the Supreme Court, it looks like Disney has run out of legal lifelines and will have to pay up in the $319 million Who Wants To Be A Millionaire case. The U.S. Court of Appeals for the Ninth Circuit on Tuesday unanimously rejected a petition by the company for a new trial against Millionaire creator Celador International, which in 2010 was awarded damages by a jury who agreed with the UK company that Disney breached the contract between Celador and it own TV divisions. “The panel votes to deny the petition for rehearing en banc…The full court has been advised of the petition for rehearing en banc and no judge has requested a vote on whether to rehear the matter en banc,” said the brief order (read it here) issued this week. The unanimous vote and the fact no other judge on the court was interested in a vote on the case does not bode well for Disney overturning the multimillion-dollar July 2010 verdict against it further up the legal food chain.
From Variety magazine new article: (also note that the decision to deny the en banc review was unanimous by the 28 active judges on the ninth circuit) - Disney's final legal option would be an appeal to the Supreme Court, but "this is considered unlikely because the appellate opinion was unpublished, meaning it was not written to set a precedent." - see below: A federal appellate court has denied the Walt Disney Co.'s request that it rehear An review a $320 million jury verdict in favor of Celador Intl. over the profits from "Who Wants to Be a Millionaire?" The 9th Circuit Court of Appeals in December upheld the jury's 2010 verdict, one of the largest in a Hollywood profit-sharing dispute. Celador, which created the show and licensed the rights to ABC and Buena Vista Television, was to share 50-50 in the profits from the show, but sued after Disney contended that the hit series generated losses. Disney could appeal to the Supreme Court, but legal observers say that is unlikely because the appellate opinion was unpublished, meaning it was not written to set a precedent.
Avesco Group (AVS) Director name: Mr Graham Andrews Amount sold: 29,013 @ 149.00p Value: 43,229