Derivative Claim - Update

RNS Number : 2980T

Elektron Technology PLC

16 July 2015

 

Elektron Technology plc

("Elektron" or the "Company")

Derivative Claim - Update

As announced on 18 June 2015, subject to rights of appeal, Mr Barrie Bridge's application for permission to continue a derivative claim against current directors, Keith Daley and John Wilson, and former directors, Noah Franklin and Simon Acland, was refused by His Honour Judge Hodge QC sitting in the Liverpool District Registry of the High Court on 16 and 17 June 2015.

The Company has now received notice of Mr Bridge's application to the Court of Appeal for permission to appeal the order of His Honour Judge Hodge QC.  Mr Bridge has stated that since his counsel did not appear at the hearing, his counsel has advised him that his grounds for appeal are "by nature somewhat speculative".  Therefore Mr Bridge has asked for a period of 28 days from receipt of a transcript of the judgment for the service of perfected grounds and a supporting document. 

The Company anticipates that the Court of Appeal will not require a hearing and that the outcome of its decision will be known later this Summer.

Further updates will be provided in due course as appropriate.

A transcript of the above-mentioned judgment of His Honour Judge Hodge QC has been requested by the Company and will be posted on the Company's website www.elektron-technology.com when it is available.

For further information:

Elektron Technology  www.elektron-technology.com	[phone]
Andy Weatherstone - Chief Financial Officer
Martin Reeves - Company Secretary
finnCap (Nominated Adviser, Financial Adviser and Broker)	[phone]
Ed Frisby/Scott Mathieson (Corporate Finance)
Malar Velaigam (Corporate Broking)

Notes to Editors

Elektron conceives designs and markets innovative engineered products and services for businesses at its technology hub in Cambridge. It has a multi skilled team of engineers and product line specialists focused on the opportunities created by disruptive global trends in the following areas:

·         Demand for ubiquitous power and data: Connectivity Solutions

·         Internet of Things, cloud computing and mobile devices: enabling automation and management of a new wave of business processes: Checkit

·         Growth in high precision manufacture: Nano-positioning

·         Healthcare for the ageing population: Ophthalmology

·         Connected customer experiences and service delivery: E-Commerce and E-Service

In addition, Elektron owns a portfolio of well-established products and brands which provide customer access and feedback.

Elektron Technology is headquartered in Cambridge and its shares are admitted to trading on the AIM market of the London Stock Exchange.

 

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