10th Sep 2021 09:45
(Alliance News) - Cineworld Group PLC on Friday said it will pay a USD170 million as part of a judgement which ruled in favour of Regal Entertainment Group shareholders.
Back in May, Cineworld said it received a judgement regarding the price shareholders were dealt when the London-listed company took over US movie theatre business Regal back in early 2018.
The claim was judged in the region of USD255 million, a hit which was largely in line with what it expected, the company said at the time.
Cineworld added on Friday it will pay USD170 million of the judgment to the dissenting shareholders, with a further USD92 million to be held in an escrow account "to be available to Cineworld as additional liquidity under certain circumstance".
The escrow funds will be paid no later than the end of March next year.
Shares in Cineworld were up 0.1% at 62.74 pence in London on Friday morning.
By Josie O'Brien; [email protected]
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