19th Sep 2018 14:20
LONDON (Alliance News) - Integumen PLC said Wednesday it received demand for payment by former director Donald Nicholson and Mercuriali Ltd for services provided to the company.
"Whilst the board acknowledges that certain of the claimed amounts are owed to Nicholson and Mercurali, it notes that Nicholson, on behalf of himself and Mercuriali, previously agreed that these amounts are not due to be paid before July 2019," Integumen said.
Furthermore, the payment claims include debts owed by Integumen's subsidiary, Integumen Inc.
"The company believe these demands for immediate payment are without merit, and it will strongly contest such claims if pursued," the company said.
Earlier in August, Nicholson stepped down after making an offer for the company's skin care businesses to avoid a conflict of interest. Integumen has rejected Nicholson's initial offer as it "seriously undervalued the assets being sought for purchase".
However, Integumen said it continues to seek divestment of its underperforming assets.
Integumen shares were untraded at 0.50 pence each.
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