29th Jan 2024 11:39
(Alliance News) - Big Technologies PLC on Monday responded to a report by The Times on a legal claim against it, the particulars of which it said "are wholly untrue".
The claim was filed in the High Court of Justice England & Wales in early August last year by five former shareholders of Buddi Ltd, which Big Technologies acquired and made a subsidiary in 2018. Buddi is currently among the most well-known of the company's brands.
At the time, Big Technologies commented that it "remains confident that the claim lacks legal and factual merit and intends to defend its position robustly".
On Monday, The Times reported that according to the claim, Big Technologies Chief Executive Officer Sara Murray cost the claimants millions of pounds by using undisclosed offshore companies she controlled to push through the acquisition of their equity. They allege that Big Technologies wrongfully engaged a 'drag mechanism' to force the sale of their shares.
https://www.thetimes.co.uk/article/big-technologies-chief-cost-investors-millions-through-unlawful-shares-sale-lawsuit-claims-p359jzl2b
The Times said the offshore companies were named as "significant shareholders" in the admission document when Big Technologies listed on London's AIM market, but links to Murray were not disclosed.
In August, Big said that having reviewed legal advice, it was "satisfied that the drag mechanism was exercised properly in accordance with its terms and that any claim brought by the former Buddi Ltd shareholders would be likely to be defeated".
The former Buddi shareholders are asking the High Court to order Big Technologies to buy their Buddi shares at a price that is determined by the court.
Big Technologies responded to The Times article on Monday, saying: "The company wishes to make it clear that the particulars of claim as set out in the article regarding the existence of 'undisclosed interests' of Sara Murray in certain of its shareholders are wholly untrue."
Shares in Big Technologies were up 0.8% at 125.00 pence each on Monday morning in London.
By Emma Curzon, Alliance News reporter
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