Catalyst Media Group PLC Update re SIS and SIS Live and Proposed dividend (4582D)
10 October 2018 - 12:32AM
UK Regulatory
TIDMCMX
RNS Number : 4582D
Catalyst Media Group PLC
09 October 2018
9 October 2018
Catalyst Media Group plc
("CMG" or the "Company")
Update regarding SIS and SIS Live
Proposed dividend by SIS
Proposed dividend by CMG
The Company provides the following update in respect of Sports
Information Services (Holdings) Limited ("SIS") in which CMG has an
approximate 20.54% interest.
SIS has today announced the disposal of its connectivity
services business SIS LIVE to NEP Group, a worldwide outsourced
technical production partner supporting premier content producers
of live sports and entertainment (the "Disposal").
SIS is and will remain a customer of SIS LIVE following the
Disposal and SIS looks forward to continuing to work with SIS LIVE
as a long-term supply partner.
The Disposal follows the recent appointment of Barry Gibson as
Chairman of SIS. Mr Gibson has significant experience in the
gambling sector with William Hill, bwin and Playtech and is an
experienced Chairman who also continues to chair HomeServe plc.
Following the Disposal, SIS will continue to focus on its core
betting services business with its established UK Retail business
and its expanding International Retail and Digital businesses,
where growth continues as new products are introduced, such as the
recently launched SIS 24/7 Horseracing Channel.
Following receipt of the net proceeds of the Disposal, SIS will
have surplus cash of approximately GBP95 million after deducting
SIS's working capital requirements. CMG has been advised that,
following the Disposal and the conclusion of its financial year
ended 31 March 2018, SIS anticipates paying a dividend to its
shareholders of approximately GBP40 million by early November 2018
(the "SIS Dividend").
Upon receipt of its share of the SIS Dividend, expected to be
approximately GBP8.2 million, CMG will have approximately GBP12.6
million in cash. Subject to final approval of the SIS Dividend by
the SIS board and receipt of funds by CMG, the Board of CMG intends
to distribute the majority of its resulting funds to its
shareholders via a dividend of approximately GBP12.2 million,
equating to approximately 58 pence per share.
A further announcement will be made upon receipt of the SIS
Dividend, confirming the final details of CMG's proposed
dividend.
Enquiries:
Catalyst Media Group Plc
Michael Rosenberg, Non-executive Chairman 07785 727 595
Melvin Lawson, Non-executive Director 020 7734 8111
Strand Hanson Limited 020 7409 3494
James Harris
Richard Tulloch
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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October 09, 2018 09:32 ET (13:32 GMT)
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