Last checked at 8 Jan 2020 15:06
8 January 2020
Catalyst Media Group Plc
("CMG", "Catalyst", "Company" or the "Group")
Update regarding SIS litigation
The Company provides 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 announcements of 8 May 2019 and 10 July 2019, regarding the judgment and subsequent grants of leave to appeal elements of the judgment in respect of the case brought by The Racing Partnership Limited and others (together the "Claimants") against SIS's subsidiary, Sports Information Services Limited ("SISL"), and others, SIS has informed the Company that the Claimants have now filed at the High Court particulars of the damages sought. The Claimants are seeking damages in excess of £40 million.
The Company understands that SISL is reviewing the particulars of the damages sought with its legal advisers and will be preparing a robust defence in due course, in tandem with the ongoing appeal. The Company has been informed that SISL's management firmly believe that in the event that damages are awarded to the Claimants, any final award of damages would be considerably less than the amount claimed.
SIS continues to hold a high level of cash of approximately £66 million. In addition, the Company has been advised that should a final award of damages be made at the level the Claimants seek, the likelihood of which SISL management considers remote, there is sufficient cash available to meet such award, without impacting on the current operational requirements of SIS's business.
CMG will make further announcements in relation to the case 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.