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Pilat Media Global

  • BY: Andrew Hore |
  • POSTED: 24/06/2011 |

Sintec Media Ltd is continuing to build up its stake in Pilat Media Global but that was before Pilat Media admitted that Fox Television Stations Inc wants to stop using its IBMS system from 30 September 2011.

Pilat Media supplies business management software for broadcasters. This is the first time that a customer has tried to terminate an implementation project. Fox is also claiming damages of an unspecified amount in connection with alleged breaches of contract. Pilat Media refutes the claim.

Fox, which signed an agreement with Pilat Media in 2005, uses the older version of the IBMS software in 10 out of 18 of its sites and accounted for 3% of Pilat Media’s 2010 revenues of £21.9m. However, revenues recognised but not paid of $4.6m are included in the balance sheet. Net assets were £19.8m at the end of 2010.

The original implementation contract was estimated to be worth $15m.

At 37p a share, down 4p, Pilat Media is valued at £22.1m.  Sintec has taken its stake in Pilat Media to 21.46%. The latest shares have been acquired in two tranches at 40.9p a share and 43p a share.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJune2011_21.pdf

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