REG - Cineworld Group plc - Regal Dissenting Shareholders Claim

CineworldAnnouncement

14/05/2021 18:35

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.
 
Contacts




Cineworld Group plc:


 


Finsbury:


 


 




Israel Greidinger


+44 (0) 20 8987 5000


James Leviton


+44 (0)20 7251 3801


 




Nisan Cohen


investors@cineworld.co.uk


Rob Allen


cineworld-lon@finsbury.com




Manuela Van Dessel


 


 


 


 




 
 

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