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Sefton Resources (SER)

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Tuesday 01 September, 2015

Sefton Resources

Update on Litigation

RNS Number : 7723X
Sefton Resources Inc
01 September 2015
 

1 September 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

 

Litigation Update - Court Date Set

 

Sefton Resources (AIM: SER) announces that, further to the announcement of 28 August 2015, the Bankruptcy Court has confirmed the hearing set for 1-2 October 2015.

 

Summary:

 

·     1-2 October 2015 Hearing date set to hear merits of bankruptcy petition by Mr James Ellerton, the former Executive Chairman, and affiliates

·     Post Hearing, the Company intends to pursue James Ellerton for fees, costs and monies owed to the Company from his time as Executive Chairman.

 

As previously announced the Hearing will demand that the Petitioners must present their burden of evidence, and prove that the Bankruptcy Petition was validly and properly brought.  Sefton will present evidence of the Petitioners' lack of standing and bad faith.  The Court will then rule on whether the Petition should be dismissed, and whether fees, costs, and/or damages will be awarded against the Petitioners. 

 

The original litigation brought by the Petitioners (as first announced on 29 May 2015) and the counter claims by the Company (as announced on 25 June 2015) has been ordered to be stayed until after the Hearing.  The Company believes Mr Ellerton's petition to the Bankruptcy Court to be without merit, and following the Hearing, Sefton intends to pursue him for costs and monies owed to the Company from his time as Executive Chairman. 

 

Further announcements will be made as appropriate.

 

(Defined terms to have the same meanings as in the announcement of 28 August 2015)

 

 

Visit www.seftonresources.com or contact:

 

 

Raylene Whitford, Chief Financial Officer

Laurence Read, Adviser

 

Tel: 020 7872 5570

 

Nick Harriss, Nick Athanas, Allenby Capital (Nomad)

 

Tel: 020 3328 5656

Nick Bealer, Cornhill Capital (Broker)

 

Tel:  020 7710 9612

Tim Blythe, Camilla Horsfall, Blytheweigh (PR)

 

Tel: 020  7138 3224

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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