8th Jan 2020 16:20
(Alliance News) - Investment company Catalyst Media Group PLC on Wednesday said Sports Information Services Ltd will defend against a GBP40 million claim made by the Racing Partnership Ltd and other parties.
Catalyst, which holds 20.5% stake in Sports Information Services, said that its investee is "reviewing the particulars of the damages sought" and will be preparing a "robust defence" to the damages claim.
Sports Information Services had a case brought against it earlier in 2019 by the Racing Partnership, claiming it was in breach of confidence. In May, the UK High Court judged in favour of the Racing Partnership. In July, the courts ruled that Sports Information Services and the Racing Partnership could appeal parts of the earlier judgement.
Sports Information Services currently holds GBP66 million in cash, Catalyst Media said, adding that there would be no impact on the gambling-focused content supplier even if the GBP40 million damages are awarded by the court, the likelihood of which is expected to be remote.
Catalyst Media shares were untraded on Wednesday afternoon in London, last quoted at 72.50 pence each.
By Ife Taiwo; [email protected]
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