REG - Catalyst Media Group - Resolution of SIS’s litigation with TRP

Catalyst MediaAnnouncement

30/06/2022 07:00

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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 £6m to £8m for its financial year ended 31 March 2022 versus a loss
before tax for the prior year of approximately £7.8m (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: 07785 727 595

 Melvin Lawson, Non-executive Director           Tel: 020 7734 8111
 Strand Hanson Limited                           Tel: 020 7409 3494

 James Harris

 Matthew Chandler

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

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