LONDON (Thomson Financial) - RAM Investment Group Plc. said its wholly owned
unit, RAM Media Ltd., has been awarded 2.4 million euros plus interest and costs
pertaining to its litigation with the Greek Ministry of Culture, which has been
on since December 2006.
It added that the financial outcome is currently difficult to quantify as it
will depend on the level of irrecoverable legal costs in the litigation and the
level of creditors' claims as adjudicated by the administrators.
It expects to make further announcements in the final quarter of this year.
In November 2006, the Greek Ministry of Culture cancelled plans to hold its
Federation Internationale des Associations de Footballeurs Professionnels award
ceremony in Athens. At the time, RAM said the event was expected to earn the
group about 4 million euros in revenues. RAM claimed damages.
TFN.newsdesk@thomson.com
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