Thursday June 28,2012 : REDBET SETTLES LEGAL DISPUTE WITH ABBA TINA MALTA (Update)
Welcomes new Abba Tina shareholders
Redbet Holding AB reports settling a legal dispute following receipt of a subpoena from Abba Tina Malta Ltd relating to a claim of Euro 747 991 plus interest and costs against Redbet Ltd., a former subsidiary that was sold in connection with the liquidation of its operations in England in May 2010.
Under the terms of the agreement, the company will pay Abba Tina Malta an amount totalling SEK 2.25 million, by providing SEK 1 250 000 in cash and 588 235 new shares in Redbet Holding AB.
Claes Hallen, chief executive officer of Redbet commented: "The parties reached consensus on this settlement and can now jointly put the matter behind us. Redbet welcomes Abba Tina Shareholders".
Redbet's settlement will have little impact on its earnings as the firm had set aside SEK 1.8 million for the impending case, confirmed a company statement.