Important events after the balance sheet date
The arbitration case against the sellers of Trendsales at the arbitration court in Copenhagen, which was conducted under the Danish Institute of Arbitration, was concluded on 1 March 2021. As a result of these proceedings, TX Group will receive a payment of USD 13.25 million, which will be recognised in TX Group’s financial result 2021. The majority share in the vintage platform Trendsales, which has since been sold, was acquired by Tamedia AG (now the TX Group) in 2014. In 2016, a case of fraud involving Trendsales was reported (see the 2016 Tamedia Annual Report). Another legal proceeding is ongoing and it is not clear what its outcome will be.