Further Litigation Update
Summary by AI BETAClose X
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR
Big Technologies plc
("Big Technologies" or "the Company" and, together with its subsidiaries, the "Group")
Further Litigation Update
· Full and final settlement of the Buddi Litigation
· Continued mediation, with a view to settlement, with Sara Murray and associated parties
Buddi Litigation
Rickmansworth - 19 January 2026 - Big Technologies plc (AIM: BIG), a leading provider of electronic monitoring solutions, is pleased to announce that the Group has reached full and final settlement with the Claimants (defined below) in respect of the Buddi Litigation (further details of which are set out in the "Litigation Update" announcement that was released at 7:00 a.m. on 12 September 2025 (the "12 September Announcement").
Background
A petition and claim were filed in the High Court of Justice of England and Wales on 2nd August 2023 and 22nd November 2023 respectively alleging that, at the time of the acquisition of Buddi Limited ("Buddi") by the Company in 2018, certain shareholders in Buddi representing aggregate interests of approximately 7.9% (the "Claimants") were wrongly forced (or induced by misrepresentation) to sell their shares in Buddi and were not given the opportunity to reinvest into Big Technologies (the "Buddi Litigation").
Settlement
In return for full and final settlement of the Buddi Litigation, the Group has agreed to pay a total of £38.5m cash to the Claimants. This payment will be split, with £31.5m payable immediately, and the remaining £7.0m payable in eighteen monthly instalments.
As of 30 June 2025, the Group had provided £35.0m in respect of an outflow in relation to the Buddi Litigation.
Post payment of the initial £31.5m settlement amount, the Group would have had cash balances of £61.9m as at 31 December 2025.
Continued mediation, with a view to settlement, with Sara Murray and associated parties
As previously stated, the Company has offered that the claims it has commenced against Sara Murray and others (detailed in the 12 September Announcement) (the "SM Proceedings") be addressed through negotiation (whether via mediation or otherwise) as an alternative route to what will otherwise be protracted litigation. The Company has commenced such discussions with Sara Murray and hopes to be able to progress those further with a view to achieving a consensual outcome to the SM Proceedings on acceptable terms.
Sangita Shah, Big Technologies Interim Chair, said: "Today's settlement is a positive outcome to the protracted Buddi Litigation which draws a line under the significant uncertainty that the Group has faced.
As a Board, we remain committed to continuing discussions directly with Sara Murray in order to resolve the SM Proceedings without further protracted litigation, with a view to reaching an acceptable settlement."
The Company will provide further updates as appropriate.
-Ends-
For further information please contact:
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Big Technologies plc |
+44 (0) 19 2360 1910 |
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Sangita Shah (Interim Chair) |
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Ian Johnson (Chief Executive Officer) |
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Zeus (Nominated Adviser and Joint Broker) |
+44 (0) 203 829 5000 |
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Dan Bate / Kieran Russell (Investment Banking) |
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Benjamin Robertson (Equity Capital Markets) |
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Singer Capital Markets (Joint Broker) |
+44 (0) 207 496 3000 |
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James Moat / James Todd (Investment Banking) |
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About Big Technologies
Our mission is to deliver innovative, high-quality electronic monitoring solutions that combine advanced hardware and software to support monitoring of individuals in our core criminal justice business. Big Technologies is a market leader in the electronic monitoring industry, operating under the trusted 'Buddi' brand. Through its integrated technology platform, Buddi offers state-of-the-art Electronic Monitoring solutions on a subscription-based, SaaS-like model. This platform is highly flexible and scalable, enabling tailored deployments across diverse use cases and geographies.
For more information, please visit www.buddi.com
Forward-looking statements
This announcement contains certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of Big Technologies PLC. The use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" and similar expressions (or the negatives thereof) are generally intended to identify forward-looking statements. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this announcement should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. Big Technologies PLC undertakes no obligation to update or revise (publicly or otherwise) any forward-looking statement, whether as a result of new information, future events or other circumstances.
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