RNS Number : 1966Z
Catalyst Media Group PLC
08 January 2020
 

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.


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