Imaginatik PLC Litigation Conclusion (6613N)
October 02 2012 - 1:00AM
UK Regulatory
TIDMIMTK
RNS Number : 6613N
Imaginatik PLC
02 October 2012
2 October 2012
Imaginatik plc
("Imaginatik" or the "Company")
Litigation Conclusion
Imaginatik plc (AIM: IMTK), the world's first full service
innovation provider offering a range of technology products and
consultancy, announces the successful conclusion of all litigation
against its former CEO, Mark Turrell.
Further to the announcements made on 13 and 14 December 2011
regarding the successful outcome and the award of costs and damages
in connection with the litigation brought by the Company and Matt
Cooper against Mark Turrell, the Company is pleased to announce
that the High Court has ordered that all 64,439,813 Imaginatik
shares owned by Mark Turrell and his wife Yvonne Lindow ("the Court
Order Shares") are immediately transferred to the Company and Matt
Cooper or as they may direct. The Court Order represents a full and
final settlement for the costs and damages owed by Mark Turrell to
the Company and Mr Cooper.
The Company and Matt Cooper have agreed that the Court Order
Shares will be allocated to each of them as to 54,053,815 and
10,385,998 respectively, representing 6.39 per cent. and 1.23 per
cent. of the Company's current issued share capital. Mr Cooper has
confirmed to the Board that he has no present intention of
disposing of any of his share interests in the Company, amounting
to 90,525,613 shares, representing 10.70 per cent of the issued
share capital. The Company intends to dispose of its 54,053,815
shares at a time yet to be determined in an orderly manner in
consultation with its brokers and to satisfy market demand.
The Company has been advised that it has discretion over the
exercise of the voting rights attaching to its 54,053,815
shares.
Matt Cooper, Executive Chairman of Imaginatik, commented, "We
are pleased with the outcome of the proceedings. The verdict
vindicated our positions throughout. We can now draw a line under
it and we look forward to continuing to build the business."
For further information please contact:
Imaginatik plc Tel: 020 7917
2975
Matt Cooper, Executive Chairman
/ Shawn Taylor, CFO
Northland Capital Partners Tel: 020 7796
Limited 8800
Gavin Burnell/Edward Hutton
Newgate Threadneedle Tel: 020 7653
9850
Caroline Evans-Jones / Hilary
Millar
About Imaginatik
Imaginatik provides Innovation and Idea management solutions
comprised of consultancy, software and program management to
deliver innovation outcomes to companies such as The Chubb Group of
Insurance Companies, Boeing, Pfizer, Goodyear, Paccar, Kellogg and
Cargill. Few companies possess the internal capability to
consistently generate fresh ideas, identify those worth pursuing
and reliably transform them into real, value-enhancing assets. This
is Imaginatik's area of expertise.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
London. In 2009, Imaginatik was named as one of the 500 fastest
growing technology companies in the EMEA region by Deloitte. For
more information visit www.imaginatik.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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