Australia's Event Hospitality surges on dispute settlement with Vue

EVT

21/10/2022 03:57

** Shares of Event Hospitality and Entertainment Ltd
 EVT.AX  gain as much as 3.7% to A$14.160, highest since Sept.
13
    ** Co says it has agreed to a financial settlement for its
allegations of breaches by Vue International Bidco PLC and Vue
Nederland BV
    ** Co had filed a formal request for Arbitration against Vue
for breach of the Sale and Purchase Agreement (SPA) for the
acquisition by Vue of co’s German cinema operation, CineStar
    ** Says it will receive A$11.6 mln ($7.28 mln) under terms
of the settlement, with parties agreeing to a mutual release of
all claims relating to the SPA and to discontinue the
arbitration
    ** EVT shares gain 7.3% this week, best week since Aug. 19 
    ** Stock has fallen 7.7% this year, as of last close 
($1 = 1.5944 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))