Last checked at 23 May 2018 07:00
23 May 2018
Catalyst Media Group plc
("CMG" or the "Company")
Update regarding SIS
The Company provides the following update in respect of Sports Information Services (Holdings) Limited ("SIS") in which CMG has an approximate 20.54% interest.
SIS notes the announcement by the Department for Digital, Culture, Media and Sport on the Triennial Review and the reduction of the maximum stake for fixed odds betting terminals to £2 and the resulting commentary from the UK betting industry.
SIS recognises that the change will affect the UK retail market which it serves. At this early stage neither the implementation date nor the resulting impact on the UK betting market is known and therefore, SIS is not able to fully assess the impact on its own business of this change. However, SIS is still exposed to a potential material decline in the UK retail market through a resulting reduction in the number of UK betting shops.
The new media rights contracts that SIS has been entering into with UK and Irish racecourses will though partially mitigate the impact of the change on SIS's business, along with other mitigating actions that are being and could be implemented by SIS. SIS's strategy to accelerate international and online expansion, is further supported by the change.
As previously announced, SIS has received approaches for SIS Live and SIS confirms that these continue to be considered and may result in the sale of SIS Live, with any net proceeds from such a sale expected to be returned to SIS shareholders. However, there is no certainty that such discussions will result in the disposal of SIS Live.
The Company will make further announcements as appropriate.
Enquiries:
Catalyst Media Group Plc
Michael Rosenberg, Non-executive Chairman 07785 727 595
Melvin Lawson, Non-executive Director 020 7734 8111
Strand Hanson Limited 020 7409 3494
James Harris
Richard Tulloch
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.