6th Oct 2015 14:26
LONDON (Alliance News) - Motive Television PLC Tuesday said it will appeal to the Spanish Supreme Court after the Court of Appeal in Barcelona decided against the company in its case against Hiscan Patrimonio SAU, part of Spanish bank Caixa Bank SA.
"The company's legal advice continues to be that the decision by the Court of Appeal in Barcelona is seriously flawed and so it intends to file an appeal against this decision to the Spanish Supreme Court before November 3," said Motive Television.
A decision on whether the appeal will be heard by the Spanish Supreme Court is expected to take between three and six months. If successful, an appeal to the Supreme Court is estimated to take four to five years to be heard. Motive continues to talk to Hiscan about a potential settlement outside of court, it said.
Motive Television's dispute with Hiscan is over the formal transfer of a 32.5% stake in Motive Television SL. Previously, Motive Television said Hiscan had agreed that they will sell their shares on receipt of the sum of EUR750,000.
Motive shares were down 8.7% to 0.0890 pence per share on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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