Comment on Azerion Statement

RNS Number : 5802R

Bidstack Group PLC

01 March 2023

 

Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon publication of this Announcement, this information is now considered to be in the public domain.

1 March 2023

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Comment on Azerion Statement

Bidstack Group Plc (AIM:BIDS), the native in-game activation platform, notes that Azerion Group N.V. ("Azerion") has recently published a statement entitled "Response to recent communications on Bidstack litigation".

Bidstack disagrees with Azerion's interpretation of the litigation between them in the Dutch courts.

Bidstack believes that Azerion's allegation that "the Court of Amsterdam ruled broadly in Azerion's favour during a preliminary hearing" is substantially misleading.

Following the preliminary hearing brought by Azerion in an attempt to lift an attachment (freezing order) over Azerion's bank accounts granted to Bidstack by the Dutch courts, the Court held that Bidstack had claims to which such an attachment could be made for a net amount of over €1.6m relating to invoices issued to Azerion to the end of October 2022.  In accordance with Dutch law attachments must be lifted where adequate alternative security for not less than that amount is provided to the party obtaining the attachments.  Azerion subsequently provided such security to Bidstack in the form of a bank guarantee for that amount and the attachment has consequently been lifted.

In addition the Court refused Azerion's request to prohibit Bidstack from making further applications to obtain pre-judgment attachments over Azerion's bank accounts in respect of Bidstack's additional claims although, in that event, Bidstack may have to provide counter-security for costs.

The Court further ruled that each side bear its own costs in relation to the preliminary hearing.

As stated in the Company's announcement on 13 February 2023, in the Group's audited accounts for the year ended 31 December 2022, revenue, gross margin and consequent profit or loss are likely to be subject to a provision based on the Board's assessment of the outcome of the Company's case against Azerion.

Bidstack has previously commented on this matter in announcements on 3 January 2023 and 13 February 2023 and will publish further updates when appropriate.

-ENDS-

Contacts:

Bidstack Group Plc James Draper, CEO	via SPARK
SPARK Advisory Partners Limited (Nomad) Mark Brady / Neil Baldwin / James Keeshan	[phone]
Stifel Nicolaus Europe Limited (Broker) Fred Walsh / Tom Marsh	[phone]

 

END

 

 

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