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MWB Business Exchange faces legal action by Pyrrho

By BFN News | 04:31 PM | Wednesday 13 February, 2013

MWB Business Exchange is facing legal action from minority shareholder Pyrrho Investments. MWB Business Exchange says that last month Pyrrho threatened to issue a petition under section 994 of the Companies Act 2006 seeking an order that MWB Property Limited, the company's 75.22% majority shareholder, purchase Pyrrho's shares in the company and/or that the company be required to bring proceedings against certain current and former directors. Pyrrho issued the petition on 11 February and served the petition on the company today (13 February). The parties to the proceedings have been instructed by the Court to attend a directions hearing on 13 May 2013. A statement says: "Due to the inherent uncertainty of this matter and the dispute resolution process, there can be no assurance as to the outcome of the proceedings being brought by Pyrrho. "However, on the basis of the information currently available, having taken appropriate advice and recognising that this is a recent development, the directors of the company do not currently believe that these proceedings will have a material adverse effect on the company's financial condition." At market close: (LON:MBE) share price was 0p at 61.5p Story provided by