Last checked at 2 Dec 2011 07:00
2 December 2011
STV Group plc
Update on settlement agreement
Further to the announcement of 27 April 2011 confirming the cessation of legal actions and the establishment of a settlement agreement between STV Group plc ("STV") and ITV plc ("ITV") and ITV Network, STV confirms that the balance of the settlement agreement of £10.8m will be paid in cash over the next 18 months.
This will be made in 18 equal monthly instalments of £600,000 from 3 January 2012 until June 2013 and will be made from STV's existing bank facility and the new facility which is currently being finalised. This payment will be offset in part by opt-out programme savings across future periods.
Enquiries:
STV Group plc
George Watt, Chief Financial Officer
Kirsten Stevenson, PR Manager 0141 300 3670
College Hill: 020 7457 2020
James Hogan
Jamie Ramsay