Electric Picnic promoter settles action against company

A company of music promoter John Reynolds has settled its legal action over the operation of the Electric Picnic.

At the Commercial Court yesterday, the judge was told the full action had settled. Details were not disclosed. The case was adjourned to June 10 for mention.

POD Music Ltd brought an action against FRD under Section 205 of the Companies Acts. FRD had in 2009 spent €4.2m on acquiring a 71% stake in EP Festivals Ltd, a subsidiary of Mr Reynolds’ company, POD Music Ltd. He had alleged breach of a March 2009 shareholders agreement, and oppression of the petitioner’s interests.