17 Jan 2011 11:59
Avesco Group plc
(the "Group")
Court Case Update
Avesco Group plc, the international provider of services to the corporate presentation, entertainment and broadcast markets, announces an update regarding the Group's economic interest in the outcome of existing litigation brought by Celador International Ltd ("Celador") against The Walt Disney Company and others ("Disney").
The Group announced on 22 December 2010 that the US District Court of Riverside, California had issued a ruling denying Disney's request that the jury's verdict be overturned and denying Disney's request for an order for a new trial. In addition, pre-judgement interest of up to $50m had been agreed to the benefit of Celador.
On Friday 14 January 2011 Disney filed a notice of appeal to the United States Ninth Circuit Court of Appeals.
If paid in full, the Group's interest in the total award, after costs and any tax, is approximately $60m.
For further information please contact:
Avesco Group plc 01293 583400
Ian Martin, Chief Executive
John Christmas, Finance Director
finnCap 020 7600 1658
Corporate Finance
Clive Carver/Ed Frisby
Corporate Broking
Brian Patient