World Audio completes use agreement with GB Radio | radioinfo

World Audio completes use agreement with GB Radio

Sunday 04 January, 2004

Since the NSW Supreme Court upheld WorldAudio's claim to its Sydney and Melbourne frequencies, the company has advised it has "completed a Use Agreement" with GB Radio to use the frequencies.

GB Radio claimed it was the original owner of the frequencies and had the right to operate them, but WorldAudio asserted that agreements it had entered into with GB Radio gave it the right to use those frequencies. The "Use Agreement" is aimed at cementing that position.

WorldAudio has advised the Stock Exchange "this confirms WAG has valid and effective leases of the ACA aparatus licences 1620 AM Melbourne and 1611 AM Sydney until 2011, together with options to purchase those licences."

WorldAudio has paid a "consideration" of $500,000 to GB Radio's lawyers pending registration of WAG "as the licence holder." $340,000 of that amount will be used to cover GB Radio's costs.

GB Radio has lodged an appeal against the judge's ruling, so the difficult legal saga may still have more time to run before WorldAudio sees the last of court rooms.

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