9th Oct 2018 14:57
LONDON (Alliance News) - Catalyst Media Group PLC said Tuesday it expects to pay a dividend of 58.0 pence per share following its subsidiary - Sports Information Services Holdings Ltd - selling its connectivity services business.
Catalyst Media holds a 21% interest in Sports Information.
Sports Information has agreed to sell SIS LIVE to NEP Group, an outsourced technical production partner, so it can focus on its core betting service business.
Following the disposal, Sports Information will have surplus cash of about GBP95 million. Catalyst Media expects Sports Information to pay a dividend of GBP40 million by early November.
Catalyst Media expects to receive about GBP8.2 million, which will take the company's cash to about GBP12.6 million.
The sports marketing company intends to distribute the majority of this, about GBP12.2 million, as a dividend.
For the year ended December 2017, Catalyst received a GBP3.1 million dividend from Sports Information.
Shares in Catalyst Media were untraded Tuesday but last closed at 95.00 pence each.
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