Catalyst Media Group PLC Resolution of SIS's litigation with TRP (7117Q)

TIDMCMX

RNS Number : 7117Q

Catalyst Media Group PLC

30 June 2022

30 June 2022

Catalyst Media Group Plc

("CMG", "Catalyst" or the "Company")

Resolution of SIS's litigation with TRP

The Company is pleased to provide 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 last update of 30 March 2022 in its interim results announcement, regarding the Appeal Court's judgement in respect of the case brought by The Racing Partnership Limited ("TRP") and others against SIS's subsidiary, Sports Information Services Limited ("SISL"), and others, SISL has informed the Company that its litigation with TRP has now been resolved amicably with the precise terms of such resolution being confidential between the parties.

The Company understands that the unaudited profit before tax for SIS is in a range of GBP6m to GBP8m for its financial year ended 31 March 2022 versus a loss before tax for the prior year of approximately GBP7.8m (after adjusting such comparative for a change in accounting policy). This range reflects certain accruals and provisions relating to costs and settlement of the abovementioned litigation such that no further charges to profit are anticipated. CMG further understands that, following the settlement, SIS continues to hold substantial cash reserves and remains in a strong financial position.

Enquiries :

 
 Catalyst Media Group plc 
  Michael Rosenberg, Non-executive Chairman       Mob: [phone] 
  Melvin Lawson, Non-executive Director           595 
                                                  Tel: [phone] 
                                                  8111 
 Strand Hanson Limited                          Tel: [phone] 
  James Harris                                   3494 
  Matthew Chandler 
 
 

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June 30, 2022 02:00 ET (06:00 GMT)