14th Feb 2014 17:33
LONDON (Alliance News) - Armstrong Ventures PLC Friday said it intends to start legal proceedings to retrieve GBP53,000 plus interest and other costs after two cheques tendered to settle the remainder of the GBP500,000 owed to it were not honoured.
Armstrong says Yoram Yossifoff was ordered to pay GBP3,000 on account of costs, on top of the remaining GBP50,000 owed by November 28 2013.
Last year Armstrong had said GBP500,000 of its money was being held by a third party while it was evaluating an acquisition opportunity.
After due diligence, Armstrong decided not to go ahead with the acquisition opportunity.
Reporting results for the half-year last September, Armstrong said received GBP150,000 from the third party and confirmation from the third party's English solicitors that they were holding GBP250,000 to the company's order. The GBP250,000 was returned in November.
But in November's announcement about the return of the GBP250,000, Armstrong said Yoram Yossifoff and Otterswick (UK) Limited had attempted to prevent the release of the funds by means of a Court injunction, which was dismissed on November 14 2013.
At that time Armstrong said, "The company is aware of the possibility of further legal action by Mr Yossifoff and Otterswick (UK) Limited, who are claiming that the company agreed to make an investment in Shale Energy PLC. Any such claim will be vigorously defended by the company. The company has now received back GBP450,000 out of the total deposit of GBP500,000, and the remaining GBP50,000 is expected to be collected by the year end."
By Samuel Agini; [email protected]; @samuelagini
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