Agreement
18 December 2003 - 2:43AM
UK Regulatory
RNS Number:3857T
Virtue Broadcasting PLC
17 December 2003
Virtue Broadcasting Plc
17 December 2003
Agreement
Virtue Broadcasting Plc ("the Company") today announces that it has reached a
compromise agreement with the liquidators of Tornado Entertainment Limited ("TEL
"), its former subsidiary, regarding a claim made by the Company over a #200,000
bank deposit account held by TEL.
Danske Bank A/S has agreed to release TEL from a fixed charge over a deposit
supporting a #200,000 loan outstanding to one of the Company's subsidiaries and
TEL has agreed to pay #100,000 to the Company.
As a result, an exceptional income of #100,000 will be recorded in the profit
and loss account of the Company for the year ending 31 December 2003.
For more information contact:
James Ormondroyd, Finance Director
Tel: +44 (0) 20 7785 6000
Email: investorrelations@virtuebroadcasting.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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