Iconic Labs PLC Alleged Claim made by EHGOF (7541L)
14 Enero 2021 - 08:19AM
UK Regulatory
TIDMICON
RNS Number : 7541L
Iconic Labs PLC
14 January 2021
Iconic Labs Plc ("Iconic Labs" or the "Company")
Alleged Claim made by European High Growth Opportunities
Securitization Fund
Iconic Labs Plc (LSE:ICON), a multidivisional new media and
technology business, today announces that it has been served with a
claim form from European High Growth Opportunities Securitization
Fund ("EHGOF"). EHGOF has filed the claim in the High Court in
London, but has yet to file particulars of claim setting out the
exact nature of its claim, and therefore the Company is unable to
respond or comment in any detail on the claim until such time as
EHGOF files the necessary documentation to evidence its alleged
claim.
Notwithstanding the above, the Company assumes that the claim
may be being made in respect of amounts that are allegedly due to
EHGOF under specific loan notes, although the claim form makes no
reference to these loan notes, instead referring to agreements with
EHGOF that were, against the wishes of EHGOF, unilaterally and
validly terminated by the Company last year. The Company reserves
its position at this time on the merits of the alleged claim
pending receipt of fully particularised Particulars of Claim and a
full investigation of the claim.
The Company has also kept Greencastle Capital ("Greencastle")
appraised of this development, and Greencastle has informed the
Company that while Greencastle is monitoring the situation
carefully, it does not consider that there are yet grounds upon
which it might seek to terminate either of the management services
agreements that exist between Greencastle Capital and the Company,
and which are in respect of the JOE Media and TheLondonEconomic
businesses.
The Company notes that discussions had taken place during the
course of the last year with Alpha Blue Ocean ("ABO"), the
investment manager of EHGOF, as to a settlement of the amounts due
under the loan notes, with the Company believing that an agreement
in principle had been reached. However, since December 2020, ABO
reneged on that agreement in principle and to date ABO has refused
to propose any practical alternative agreement or enter into
meaningful discussions with the Company.
The Company will update the market in due course.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
**ENDS**
For further information, please visit the Company's website
www.iconiclabs.co.uk or contact:
Damon Heath Shard Capital Partners Tel: +44 (0) 20 7186
LLP 9950
Iconic Labs ir@iconiclabs.co.uk
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
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For further information about how RNS and the London Stock Exchange
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END
MSCDKQBDQBKDPDD
(END) Dow Jones Newswires
January 14, 2021 09:19 ET (14:19 GMT)
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