Update on settlement agreement

RNS Number : 2423T

STV Group PLC

02 December 2011

 



2 December 2011

STV Group plc

Update on settlement agreement

Further to the announcement of 27 April 2011 confirming the cessation of legal actions and the establishment of a settlement agreement between STV Group plc ("STV") and ITV plc ("ITV") and ITV Network, STV confirms that the balance of the settlement agreement of £10.8m will be paid in cash over the next 18 months.

This will be made in 18 equal monthly instalments of £600,000 from 3 January 2012 until June 2013 and will be made from STV's existing bank facility and the new facility which is currently being finalised.  This payment will be offset in part by opt-out programme savings across future periods.

Enquiries: 

STV Group plc

George Watt, Chief Financial Officer

Kirsten Stevenson, PR Manager                 0141 300 3670

College Hill:                                                   020 7457 2020

James Hogan

Jamie Ramsay

 

END

 

 

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