10th Jun 2015 11:19
LONDON (Alliance News) - Sefton Resources Inc Wednesday said it has received further information from the District Court of Denver, US, concerning the ongoing litigation with former Executive Chairman Jim Ellerton, who has filed claims for "unspecified damages" against the company and some directors in relation to his resignation in 2013.
At the end of May, Ellerton lodged a legal claim against the company, two directors and one former director claiming damages related to his resignation from the company's board, the termination of his consulting contract and its deal with Hawker Energy.
On Wednesday, Sefton said it had received "further details" about Ellerton's claim, but these were not revealed.
"The company has retained legal counsel in Colorado and will vigorously defend against Mr. Ellerton's claims," said Sefton. "The company contends that the claims are without merit, and the company is considering all possible counter-claims."
Sefton has still not appointed a new chief executive since Ellerton resigned in August 2013, and said in May that it was not going to appoint a replacement until a complete assessment had been conducted on the potential impact of the claims.
Sefton shares were up 21.9% at 0.128 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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