Last checked at 30 Jun 2022 07:00
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 £6m to £8m for its financial year ended 31 March 2022 versus a loss before tax for the prior year of approximately £7.8m (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 Melvin Lawson, Non-executive Director |
Mob: 07785 727 595 Tel: 020 7734 8111 | |
Strand Hanson Limited James Harris Matthew Chandler | Tel: 020 7409 3494 | |
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.