Reference is made to the announcement dated 27 November 2018 in respect of the legal proceedings filed by GENM against the Defendants and the announcement dated 23 January 2019 in respect of the counterclaim filed by Fox against GENM.

The Board of Directors of GENM wishes to announce that GENM and the Defendants (collectively the “Parties”) have entered into a settlement agreement fully resolving their disputes against each other and agreeing to dismiss all claims and counterclaims between the Parties in the pending legal action in the United States District Court for the Central District of California.

As part of the settlement terms, the Parties have entered into a Restated Memorandum of Agreement dated 25 July 2019 granting GENM a license to use certain Fox intellectual properties. GENM is currently updating its development and construction plans to complete the outdoor theme park utilising both Fox and non Fox intellectual properties. The outdoor theme park shall also be renamed.  

The settlement  of the legal proceedings is not expected to have any material effect on the consolidated earnings, net assets and gearing of GENM for the financial year ending 31 December 2019.

This announcement is dated 25 July 2019.