Bottom Line: The news at SelecTV
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CHEAPER than litigation it may be, but the resolution of the boardroom bust-up at SelecTV has still proved expensive for the lively independent television company best known for Lovejoy and Birds of a Feather.
Pre-tax profits, which nearly doubled to pounds 809,000 in the year to March, would have looked more impressive without pounds 295,000 of 'exceptional litigation costs' associated with the recent tussle between the former chairman, Michael Buckley, and the chief executive, Allan McKeown.
On top of which the group has agreed to pay Mr Buckley's Dawnglen Finance pounds 62,500 over a 30-month period for the provision of 'consultancy services'.
The good news is that this year's profits, albeit diminished by a pounds 94,000 write-off in respect of SelecTV's disentanglement from its controversial investment in Wilton, were sufficient to eliminate past losses. Hopes are therefore raised for resumed dividends.
SelecTV's share price, which yesterday slipped 0.5p to 24.5p, has been strong lately, partly buoyed by Associated Newspapers holding 12 per cent of the group and hoping to go to 15 per cent. But the group plays down the chances of a bid, because of the rules on cross-ownership - SelecTV owns 15 per cent of the franchisee Meridian and is bidding with Associated, Reuters, ITN and GWR for two London radio frequencies.
The shares are fully valued for the time being. Not yet a buy.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments