Cineworld Group plc Regal Dissenting Shareholders Claim (7477Y)

TIDMCINE

RNS Number : 7477Y

Cineworld Group plc

14 May 2021

FOR IMMEDIATE RELEASE

14 May 2021

Cineworld Group plc ("Cineworld" or the "Group")

Regal Dissenting Shareholders Claim

Cineworld confirms that judgement has been received in respect of the claim by dissenting shareholders of Regal Entertainment Group arising out of its acquisition by Cineworld in 2018.

The amount of the judgement is in the region of US$255m (subject to the final calculation of interest) and is broadly in line with the fair value of the original transaction plus interest as anticipated in Cineworld's announcement on 25 March 2021 of its preliminary results for the year ended 31 December 2020.

As stated in that announcement, Cineworld is currently prohibited from making payments in respect of this liability by the terms of its US$450 million loan facility, except for any payments made from the proceeds of an equity raise or from permitted subordinated debt. In light of its current liquidity and other potential options, Cineworld believes that it will be able to deal with the judgement without breaching the terms of the US$450m loan facility.

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances that will occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

C ontacts

 
 Cineworld Group                                   Finsbury: 
  plc: 
                       [phone]                             [phone] 
 Israel Greidinger      5000                       James Leviton    3801 
 Nisan Cohen           [e-mail]   Rob Allen       [e-mail] 
 Manuela Van Dessel 
 

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May 14, 2021 13:31 ET (17:31 GMT)