News blog
Pilat Media Global
- BY: Andrew Hore |
- POSTED: 20/09/2011 |
Pilat Media Global says that its indemnity insurance will cover the claims by Fox Television Stations up to a maximum of £5m.
The broadcast management software provider believes this should be enough to cover the likely successful claims.
Fox wants to stop using Pilat Media’s IBMS system from 30 September 2011. Fox is also claiming damages in connection with alleged breaches of contract. An amended complaint from Fox is seeking $18.5m in damages, which is what Fox has paid to Pilat Media.
Pilat Media says that Fox is in breach of agreements and is claiming for $5.8m. Pilat Media has written-off the £2.82m owed by Fox but it could still get the cash.
Sintec Media, which has previously made a bid for Pilat Media, is continuing to buy shares in its rival and it has taken its stake to 23.7%. The latest purchases are for more than the company’s 26.5p a share bid back in 2009.
Eurocom Investments, where Pilat Media non-exec Alex Rabinovitch owns 49.99%, has increased its stake to 21.9%.
At 35.5p a share, Pilat Media is valued at £21.2m.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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