22 Dec 2010 11:11
Avesco Group plc
("Avesco" or the "Group")
Court Case Update
Avesco Group plc, the international provider of services to the corporate presentation, entertainment and broadcast markets, is pleased to announce 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 8 July 2010 that the jury of the US District Court of Riverside, California had reached a verdict in favour of Celador and had awarded damages of $269m. Disney subsequently made an application to the court that the jury's verdict be overturned and for an order for a new trial.
The US District Court of Riverside has now issued a ruling denying Disney's request.
Furthermore, pre-judgement interest of up to $50m has been agreed to the benefit of Celador.
If paid in full, the Group's interest in the total award, after costs and any tax, is now estimated to have increased to approximately $60m. Disney retains the right to appeal to the United States Court of Appeals for the Ninth Circuit.
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
Tom Jenkins