Statement re legal claim
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.
4 August 2023
Big Technologies plc
("Big Technologies" or the "Company")
Legal claim notified
Big Technologies plc, the UK-based, remote people monitoring technology company, announces that legal proceedings have been commenced against the Company in relation to the matters set out further below. This claim has been filed with the High Court of Justice England and Wales on 2nd August 2023 (the "Claim").
As set out within the admission document in July 2021 (the "Admission Document"), a letter of potential claim had been received from a small number of former shareholders of Buddi Limited, one of the subsidiaries of the Group, in respect of the operation of a drag mechanism contained in the articles of Buddi Limited that was utilised in connection with the acquisition of Buddi Limited, dating back to May 2018.
As was set out on page 138 of the Admission Document, the Company sought legal advice from a number of sources, including solicitors who advised the Company on the operation of the drag mechanism, its solicitors on the placing at IPO and Queen's Counsel. The conclusions were, that having reviewed that advice (which is the subject of legal privilege which is not waived), that the Company is satisfied that the drag mechanism was exercised properly in accordance with its terms and that any claim brought by the former Buddi Limited shareholders would be likely to be defeated.
The Company has taken advice from its lawyers and from King's Counsel and remains confident that the Claim lacks legal and factual merit and intends to defend its position robustly.
Noting that matters are now subject to legal proceedings, the Company will provide further comment at the appropriate time.
For further information please contact:
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Big Technologies |
+44 (0) 19 2360 1910 |
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Sara Murray (Chief Executive Officer) Daren Morris (Chief Financial Officer) |
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Zeus (Nominated Adviser and Sole Broker) |
+44 (0) 20 3829 5000 |
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Jamie Peel / Dan Bate / Kieran Russell (Investment Banking) Benjamin Robertson (Equity Capital Markets)
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