Intosol Holdings PLC Contract
RNS Number : 2253R
Intosol Holdings PLC
03 November 2021
INTOSOL Holdings Plc ('INTOSOL' or the 'Company')
INTOSOL Holdings Plc. announces that it has received legal
notice of liquidation of the Company by Broker Hybridan LLP (
Claire Noyce Chief. Executive).
The Company terminated the Broker engagement related to
non-performance. Hybridan LLP (Claire Noyce Chief. Executive)
demanded six (6) months termination fees or GBP30,000. The Company
continues to negotiate a settlement as there is no reasonable legal
defence to terms of the appointment contract with Hybridan LLP
(Claire Noyce Chief. Executive). In addition, the Company is
classified "professional client" in the appointment contract, not a
"retail client". Most Brokers classify clients as "retail client",
which allows the client to avoid litigation and seek an independent
review by Ombudsman Service. The Company's Board was not made aware
of the importance of this classification in their agreement.
This announcement is made following receipt of notice to publish
the winding-up action by Broker Hybridan LLP (Claire Noyce Chief.
Executive) despite ongoing negotiations. The Company is represented
by Pitman's Law Firm and has also appointed an independent
regulated Broker firm to assist in any reasonable settlement. The
Company has sufficient working capital for ongoing operations and
is seeking a fair and reasonable settlement without being forced
into unreasonable terms and will exercise its rights and
responsibility of the stewardship of shareholder funds.
For further information contact:
Rainer Spekowius INTOSOL Holdings Plc Rainer.Spekowius@intosol.de
CEO/ Executive Director
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November 03, 2021 07:15 ET (11:15 GMT)
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