Brief: Arbitration Court Orders Cofina To Pay Prisa 10 Mln Euros Plus Accrued Interest

Promotora de Informaciones

27/02/2024 06:18

Feb 27 (Reuters) - Promotora de Informaciones SA
 PRS.MC :
    * SAID ON MONDAY, RECEIVED NOTIFICATION OF AWARD ISSUED
WITHIN
ARBITRATION PROCEEDINGS INITIATED AGAINST COFINA ON APRIL 15,
2020, REGARDING SALE OF ALL THE SHARES FROM VERTIX
    * AWARD DECLARES THAT COFINA BREACHED ITS OBLIGATIONS UNDER
SHARE
PURCHASE AGREEMENT (SPA) SIGNED BETWEEN PRISA AND COFINA ON
SEPTEMBER 20, 2019, REGARDING SALE OF ALL THE SHARES FROM VERTIX
    * AWARD ALSO DECLARES THAT SPA WAS THEREFORE AUTOMATICALLY
TERMINATED ON MARCH 11, 2020, SO PRISA IS ENTITLED TO RECEIVE
THE DOWN PAYMENT IN THE AMOUNT OF 10 MILLION EUROS PLUS ACCRUED
INTEREST
    * CONSEQUENTLY AWARD ORDERS COFINA TO PAY PRISA THE
AFOREMENTIONED
DOWN PAYMENT IN THE AMOUNT OF 10 MILLION EUROS PLUS ACCRUED
INTEREST

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nCNM28JQrb  urn:newsml:reuters.com:*:nL5N3FB0WP
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