Your tv is probably compatible. The 50Hz referred to on the back is supply frequency, which also happens to be the fundamental field frequency in British sets. Most newer sets can handle a higher field frequency hence PAL 60.
In effect, this is a bodged version of the American tv system (NTSC). Provided you use a scart you should have little trouble. If a set is not compatible you will see;
a) flickering b) a black & white picture c) a rolling picture
or if you're really unlucky d) a mix of all the above resulting in an unviewable picture.
Colin, December 2007