Brief: Cofina Informs Of Award Issued In Context Of Arbitration Proceeding Initiated By Prisa

Promotora de Informaciones

26/02/2024 06:31

Feb 26 (Reuters) - Cofina SGPS SA  CFN.LS :
    * SAID ON SUNDAY IT HAD BEEN NOTIFIED ON FEB 23 OF AWARD
ISSUED IN
CONTEXT OF ARBITRATION PROCEEDING
    * ARBITRATION PROCEEDINGS INITIATED ON 15 APRIL 2020 BY
PROMOTORA
DE INFORMACIONES  PRS.MC  BEFORE COMMERCIAL ARBITRATION CENTRE
OF PORTUGUESE CHAMBER OF COMMERCE AND INDUSTRY
    * AWARD RENDERED BY ARBITRAL TRIBUNAL REJECTED IN FULL
PRISA'S
REQUEST FOR COFINA TO BE ORDERED TO COMPENSATE PRISA FOR DAMAGES
THAT PRISA CLAIMED TO HAVE SUFFERED IN AMOUNT OF 87.4 MLN EUROS
    * IT ALSO ORDERED RELEASE TO PRISA OF 10.0 MLN EUROS THAT
HAD BEEN
DEPOSITED WITH ESCROW AGENT (BANCO BPI), AS DOWN PAYMENT IN
CONTEXT OF SHARE PURCHASE AGREEMENT ENTERED INTO ON SEPT 20,
2019 BETWEEN COFINA AND PRISA 
    * AGREEMENT WAS FOR ACQUISITION OF 100% OF SHARE CAPITAL AND
VOTING RIGHTS OF VERTIX, WHICH, ON  THE DATE THE AGREEMENT WAS
SIGNED, HELD SHARES REPRESENTING 94.69% OF VOTING RIGHTS OF
GRUPO MEDIA CAPITAL
    * IMPACT ON CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
WILL
CONSIST OF REDUCTION IN TOTAL ASSETS OF 10 MLN EUROS
    * IT WILL ALSO CONSIST OF REDUCTION IN NET INCOME FOR YEAR
ENDED
DECEMBER 31, 2023 IN SAME AMOUNT
    * IS STILL ANALYSING AWARD NOTIFIED ON SUNDAY
    * IT IS NOT, AT THIS MOMENT, IN A POSITION TO INFORM ABOUT
ITS
POSSIBLE REACTION TO AWARD IN THE PART THAT WAS UNFAVOURABLE TO
COFINA

        
 Source text: http://tinyurl.com/275uzhx6
 Further company coverage:  CFN.LS  

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