I believe that RM was putting up the money for the new contracts of Solly etc. Avesco,who RM is Chairman of,have won a case against Walt Disney about 60M dollars. Richard as a major Shareholder will get a reasonable amount.
Court Case Update
The Group announced on 8 March 2013 that the Ninth Circuit Court of Appeals issued its order returning the case to the trial court, an act which had the legal effect of making the judgement collectible by Celador International Ltd (“Celador”
. Payment to the Group was via a third party under the terms of a sale and purchase agreement dated 1 December 2006, by which Avesco sold its interest in Celador.
The Group is now pleased to announce the receipt yesterday of its share of the award, including interest and after third party taxes and costs. The Group now estimates the net value of the sum received, after tax and other costs, to be approximately 10% higher than the previously estimated $60m, principally due to the effects of post judgement interest and lower corporate tax rates both at the third party and for the Group.
The Group plans to release its Interim Results on 13 June 2013 when a further announcement will be made.
For further information please contact: Avesco Group plc
Richard Murray, Chairman
John Christmas, Group Finance
Director
01293 583400
