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São Paulo, May, 06 2019 - Under the terms of article 2 of CVM Instruction No. 358, of January 3, 2002, as amended, T4F Entretenimento S.A. ("Company") (B3: SHOW3), the largest live entertainment company in South America, hereby informs its shareholders and the market in general that, in accordance with the court decision rendered by the Cámara Nacional de Apelaciones en lo Comercial de la Capital Federal, appellate court of the judiciary branch of the Argentine Republic, the Company was held jointly liable together with its affiliates T4F Inversiones S.A., Ticketek Argentina S.A. and T4F Entretenimientos Argentina S.A. to pay to LRPG Mandataria y Fiduciaria S.A. three million and five hundred thousand U.S. dollars (US$ 3,500,000.00), plus interest on arrears to be calculated as of June 13, 2007 until the effective payment, within the records of the lawsuit filed against the Company and its controlled companies, by LRPG MANDATÁRIA Y FIDUCIÁRIA S.A., in consequence of a discussion of the share purchase agreement entered into on May 14, 2007.
At the lower court, the Company had been held liable to pay approximately one million and two hundred thousand U.S. dollars (US$ 1,200,000.00) and had not set up any provision considering the possibility of overruling of said decision in favour of the Company, in accordance with the opinion of the lawyers that represent the Company in the lawsuit, issued at that time. However, the unfavourable appellate court decision significantly raised the amount of the award.
In light of the appellate court decision and in accordance with the review of the case by the lawyers that represent the Company in this lawsuit, the Company has changed the chances of loss of this lawsuit to probable loss and therefore will set up a provision of the full amount involved in the lawsuit, estimated at around eight million and eight hundred thousand U.S. dollars (US$ 8,800,000.00).
To access the Material Fact, click here.
The Investor Relations Department is available for eventual clarifications through the contacts email@example.com or +55 (11) 3576-1200.
Fernando Luiz Alterio
CEO, CFO and Investor Relations Officer
T4F Entretenimento S.A.
Phone: (55 11) 3576-1200
About T4F Entretenimento S.A. ("Time for Fun"):
Time for Fun (B3: SHOW3) is the leading live entertainment company in South America. It promotes live music shows by local and international performers, family entertainment events, theatrical plays, cultural exhibitions and sporting events, operating with a verticalized and integrated business model. It also runs five of the most important entertainment venues in South America, four of which in Brazil and one in Argentina.