8 Mar 2013 10:19
AVESCO GROUP plc
Court Case Update
Avesco Group plc ("Avesco" or the "Group"), 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 against The Walt Disney Company and others ("Disney").
The Group announced on 27 February 2013 that the United States Ninth Circuit Court of Appeals had voted to deny Disney's petition for rehearing en banc.
The Group is now pleased to announce that on 7 March 2013 the Ninth Circuit Court of Appeals issued its order returning the case to the trial court, an act which has the legal effect of making the judgement collectible by Celador International Inc. ("Celador"). Payment to the Group is via a third party under the terms of a sale and purchase agreement dated 1 December 2006, by which Avesco sold its interest in Celador. It is expected that there may be a delay of a few months before receipt of funds by the Group.
The Group's net interest in the award is estimated at approximately $60m. It remains the Board's current intention to distribute to shareholders the majority of the net monies received after costs and taxes.
The Company will provide further updates, as appropriate, in due course.
For further information please contact:
Avesco Group plc | |
Richard Murray, Chairman | 01293 583400 |
John Christmas, Group Finance Director | |
finnCap Ed Frisby/Rose Herbert, Corporate Finance
Brian Patient/Victoria Bates, Corporate Broking |
020 7220 0500 |