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Yorkshire digital media company to trading due to shareholder dispute

Published on 15 Jan 2010 under category: legal

A Yorkshire technology firm has called for trading in its shares to be suspended temporarily as it deals with an internal dispute with one of its major shareholders.

ImJack, which is based in Leeds and which deals in digital networking and media, recently set about raising interim working capital as it looks to expand its operations.

It reached a funding agreement with shareholder Jeffrey Morris, who was to provide £500,000.

However, it has now been revealed that, of £350,000 of the loan that was to be drawn down, some £147,000 was not provided and, as such, the company has now asked for trading in its stock to be put on hold while it settles the matter.

A statement issued by ImJack read: "This is due to a dispute between Mr Morris and the Company over share conversion, about which the company is taking legal advice.

"The provision of the remaining £150,000 is also subject to this dispute. Negotiations are currently taking place with Mr Morris to resolve this dispute."

At the same time, Cadbury's chairman Roger Carr has called on the chocolate company's shareholders to resist a hostile takeover bid being launched by US food group Kraft.

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