Citrus Leisure PLC has amicable settled the legal proceedings before the Valaichennai District Courts against a predecessor in title of Passikudah Beach Resorts, a fully owned subsidiary of Citrus Leisure PLC.

According to the settlement entered into in courts, Citrus Leisure PLC has paid a sum of Rs. 80 million to the party which instituted legal proceedings.

Accordingly, the total consideration paid by Citrus Leisure PLC for the property at Passikudah amounts to Rs. 248,780,250. The current market value of the property as at 12 January 2015 is Rs. 317,500,000.