18th Dec 2019 16:55
(Alliance News) - Vordere PLC said Wednesday it has agreed to the continuation of the interim injunction granted by the High Court in London made against the company by a shareholder and relating to a share allotment.
In October, 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 added on Wednesday: "The court also made orders for service of the Court documents on Ritz in Brazil and Aurora in Cayman, which will be completed in the coming weeks. The company, Ritz, Aurora and GFG UK will then be required to take a formal position in relation to O'Donnell's claim and case will proceed to be resolved by the court."
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 Paul McGowan; [email protected]
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