Catalyst Media Group PLC Dividend approved by SIS (6601F)
29 July 2016 - 7:00PM
UK Regulatory
TIDMCMX
RNS Number : 6601F
Catalyst Media Group PLC
29 July 2016
29 July 2016
Catalyst Media Group plc
("CMG" or the "Company")
Dividend approved by SIS
The Board of CMG is pleased to announce that Satellite
Information Services (Holdings) Limited ("SIS"), in which CMG is a
20.54% shareholder, has today made the following statement to its
shareholders regarding the approval of a dividend to shareholders
of GBP20.0 million:
"Following the progress made on securing the long term low
margin business model and diversification strategy over the past 18
months the Board of Satellite Information Services (Holdings)
Limited ("SIS") has approved a dividend to shareholders of GBP20.0
million to be paid today. The success of SIS in signing new media
rights deals under the new model without significant upfront
payments has freed up cash within the business to facilitate the
dividend.
The dividend is the first dividend to be paid since a small
dividend was declared in December 2014 and represents a catch up in
the distribution of profits to shareholders from the existing
contracts for media rights prior to the low margin contracts
commencing.
The Board of SIS is satisfied with the progress made in moving
to the low margin low risk model and diversified business, however
it notes that the process is not as yet complete. Once SIS is fully
operating on the new business model the Board of SIS expects
significantly lower dividend payments to its shareholders."
Accordingly, the dividend payable to CMG will amount to
GBP4,108,000. The Board of CMG will review the best use of these
funds when received and will report to shareholders of the Company
in due course.
Enquiries:
Catalyst Media Group plc
Michael Rosenberg, Non-Executive
Chairman 07785 727 595
Melvin Lawson, Non-Executive
Director 020 7734 8111
Strand Hanson Limited
James Harris
Richard Tulloch 020 7409 3494
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DIVLIFETDRIAFIR
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