LONDON (AFX) - Rodime PLC said it will receive 45 mln usd in a wire transfer from Seagate Technologies Inc after the companies agreed to settle a long-running legal dispute.

Rodime said that each party has, without admission of liability, discharged all claims against each other in relation to the disputed patents.

The board of Rodime also said it has negotiated with Bank of Scotland redemption of all its outstanding loan stock and overdraft amounting in total to 34 mln usd in exchange for payment of the sum of 27.5 mln usd out of the net proceeds of the settlement.

Bank of Scotland is continuing as the company's bankers and has agreed to provide a new working capital facility of 1 mln usd.

Rodime said that after making provision for estimated outstanding tax and other ongoing liabilities, it has a positive cash position of approximately 7 mln usd in addition to the new overdraft facility.

It said it now has adequate financial resources to conduct an infringement analysis of its remaining digital servo patents and to determine their licensing potential.

It said it is considering other opportunities to improve shareholder value.

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