Business
Interest in SIS
Interest in SIS.
About this update from Catalyst Media Group Plc
[{"type":"text","content":"\n Catalyst Media Group PLC\n02 October 2006\n\n2 October 2006\n\n Catalyst Media Group plc ('CMG' or the 'Company')\n\n Interest in SIS\n\nCMG is pleased to announce that it has today repaid the balance of £10.64\nmillion to redeem the Deep Discount Bonds held by The Eureka Interactive Fund\nLtd ('Eureka'), issued to Eureka at the time of CMG's acquisition of an interest\nin Satellite Information Services (Holdings) Limited ('SIS'). CMG acquired its\ninterest in SIS by the purchase of Alternateport Limited from United Business\nMedia plc. The acquisition was made through CMG's subsidiary, Catalyst Media\nHoldings Limited ('CMH'), which was owned as to 80% by CMG and 20% by Eureka.\nThe Company has exercised its call option to acquire the 20% interest not\ncurrently held by it in CMH from Eureka for a cash consideration of £5.5\nmillion. In order to finance this transaction and the associated costs, CMG has\ndrawn down £17.3 million of an £18.625 million facility ('Facility') that has\nbeen arranged with Investec Bank (UK) Limited ('Investec'), on terms which are\nmore favourable than those provided by Eureka.\n\nThe Facility runs until December 2010 and is secured against the assets of CMH\nand Alternateport, both of which are now wholly owned subsidiaries of CMG. Under\nthe terms of the agreement with Investec all capital repayment and interest\ncharges are rolled up and payable from any dividends received from SIS during\nthe term.\n\nAs a result of this transaction CMG now owns a 22.2% stake in SIS and will\ntherefore receive 22.2% of future dividends paid by SIS.\n\nEnquiries:\n\nPaul Duffen, Chief Executive\n\nCatalyst Media Group plc\n\n0207 927 6699\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]