31st Oct 2019 14:40
(Alliance News) - Vordere PLC on Thursday said the interim injunction granted to a shareholder and relating to a share allotment has been extended.
On Tuesday this week, the High Court of Justice granted an interim injunction to Vordere shareholder John O'Donnell. The injunction concerns the acquisition by Vordere of five properties in Brazil for GBP25.9 million in shares, with Vordere allotting 129.3 million shares as consideration.
As a result of the injunction, the property investor and developer is prevented from registering in its register of members any transfer relating to 129.2 million of the consideration shares.
O'Donnell applied to have the injunction extended and to have "Ritz Property Investimentos Imobiliarios Eireli, Aurora Capital Ltd and GFG-UK-Ltd" included as respondents to the claim. He was successful and, as such, these companies are "prohibited from registering any transfer of the shares in the company that were purportedly allotted to them".
Vordere stated that it "will continue to update the market as matters progress".
Shares in Vordere are currently suspended. In early July, the company requested that its shares be temporarily suspended from London Main Market trading so that it could assess its financial position.
By Anna Farley; [email protected]
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