RAM.L Regulatory News (RAM)

13 Aug 2008 10:11



For Immediate Release 

13 August 2008

RAM INVESTMENT GROUP PLC

("RAM" or the "Company")

Update on Litigation

As detailed in the Chairman's statement for the results for the full year 2007 and interims for 2008 the Company's wholly owned subsidiary RAM Media Ltd has been involved in litigation with the Greek Ministry of Culture since December 2006. The trial has recently been concluded and on 31 July 2008 Mr Justice Tugendhat handed down judgment in favour of Ram Media.

Damages were awarded to Ram Media in the sum of €2.4 million plus interest and costs. The Ministry was refused permission to appeal by the trial judge, but has until 4 September 2008 to make an application to the Court of Appeal. A copy of the judgment can be found at:

http://www.bailii.org/ew/cases/EWHC/QB/2008/1835.html

In order to protect Ram Media from creditors whilst the litigation was ongoing the Directors appointed Malcolm Cohen and Tony Nygate of BDO Stoy Hayward LLP as administrators in May 2007. 

The financial outcome to Ram Investment Group PLC as the parent of Ram Media Ltd is currently difficult to quantify as it will depend on the level of irrecoverable legal costs in the litigation and the level of creditors' claims as adjudicated by the administrators. The Directors expect to be able to make further announcements in the final quarter of this year.

Contact:

Laurence Selman, Ram Investment Group plc on 020 8349 2001

Roland Cornish, Beaumont Cornish Limited on 020 7628 3396