Cineworld Group plc Regal Dissenting Shareholders Claim (7477Y)
May 14 2021 - 1:31PM
UK Regulatory
TIDMCINE
RNS Number : 7477Y
Cineworld Group plc
14 May 2021
FOR IMMEDIATE RELEASE
14 May 2021
Cineworld Group plc ("Cineworld" or the "Group")
Regal Dissenting Shareholders Claim
Cineworld confirms that judgement has been received in respect
of the claim by dissenting shareholders of Regal Entertainment
Group arising out of its acquisition by Cineworld in 2018.
The amount of the judgement is in the region of US$255m (subject
to the final calculation of interest) and is broadly in line with
the fair value of the original transaction plus interest as
anticipated in Cineworld's announcement on 25 March 2021 of its
preliminary results for the year ended 31 December 2020.
As stated in that announcement, Cineworld is currently
prohibited from making payments in respect of this liability by the
terms of its US$450 million loan facility, except for any payments
made from the proceeds of an equity raise or from permitted
subordinated debt. In light of its current liquidity and other
potential options, Cineworld believes that it will be able to deal
with the judgement without breaching the terms of the US$450m loan
facility.
Cautionary note concerning forward looking statements
Certain statements in this announcement are forward looking and
so involve risk and uncertainty because they relate to events, and
depend upon circumstances that will occur in the future and
therefore results and developments can differ materially from those
anticipated. The forward looking statements reflect knowledge and
information available at the date of preparation of this
announcement and the Group undertakes no obligation to update these
forward-looking statements. Nothing in this announcement should be
construed as a profit forecast.
C ontacts
Cineworld Group Finsbury:
plc:
+44 (0) 20 8987 +44 (0)20 7251
Israel Greidinger 5000 James Leviton 3801
Nisan Cohen investors@cineworld.co.uk Rob Allen cineworld-lon@finsbury.com
Manuela Van Dessel
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END
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