28th Jan 2015 13:03
LONDON (Alliance News) - Elektron Technology PLC said Wednesday that a court hearing in the ongoing litigation brought against it by shareholder Barrie Bridge took place Monday.
Bridge has launched a claim against six current and former directors of the company over mismanagement, and has alleged various breaches of duty by the directors, including dishonesty, 'a reckless acquisition spree', illegal share price manipulation, and the implementation of unfair bonus and share schemes without proper shareholder approval.
The company said that Bridge did not attend the hearing, and that the judge had noted that Bridge's conduct in the run up to the hearing bears "all the hallmarks of the opportunistic and tactical approach" he had found permeated Bridge's conduct before an earlier hearing last October.
At the previous hearing the court rejected Bridge's claim against current non-executive independent directors Anthony Harris and Richard Piper, on the basis that Bridge had "failed to establish a case against them that they could be required to answer".
Elektron Technology said further updates will be provided in due course.
Shares in Elektron are trading up 5.8% at 5.95 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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