Litigation Conclusion

RNS Number : 6613N

Imaginatik PLC

02 October 2012

 

2 October 2012

Imaginatik plc

("Imaginatik" or the "Company")

Litigation Conclusion

Imaginatik plc (AIM: IMTK), the world's first full service innovation provider offering a range of technology products and consultancy, announces the successful conclusion of all litigation against its former CEO, Mark Turrell.

Further to the announcements made on 13 and 14 December 2011 regarding the successful outcome and the award of costs and damages in connection with the litigation brought by the Company and Matt Cooper against Mark Turrell, the Company is pleased to announce that the High Court has ordered that all 64,439,813 Imaginatik shares owned by Mark Turrell and his wife Yvonne Lindow ("the Court Order Shares") are immediately transferred to the Company and Matt Cooper or as they may direct. The Court Order represents a full and final settlement for the costs and damages owed by Mark Turrell to the Company and Mr Cooper.

The Company and Matt Cooper have agreed that the Court Order Shares will be allocated to each of them as to 54,053,815 and 10,385,998 respectively, representing 6.39 per cent. and 1.23 per cent. of the Company's current issued share capital. Mr Cooper has confirmed to the Board that he has no present intention of disposing of any of his share interests in the Company, amounting to 90,525,613 shares, representing 10.70 per cent of the issued share capital. The Company intends to dispose of its 54,053,815 shares at a time yet to be determined in an orderly manner in consultation with its brokers and to satisfy market demand.

The Company has been advised that it has discretion over the exercise of the voting rights attaching to its 54,053,815 shares.

Matt Cooper, Executive Chairman of Imaginatik, commented, "We are pleased with the outcome of the proceedings. The verdict vindicated our positions throughout. We can now draw a line under it and we look forward to continuing to build the business."

For further information please contact:  

Imaginatik plc	Tel: [phone]
Matt Cooper, Executive Chairman / Shawn Taylor, CFO
Northland Capital Partners Limited	Tel: [phone]
Gavin Burnell/Edward Hutton
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones / Hilary Millar

About Imaginatik

Imaginatik provides Innovation and Idea management solutions comprised of consultancy, software and program management to deliver innovation outcomes to companies such as The Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear, Paccar, Kellogg and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. This is Imaginatik's area of expertise.

Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London. In 2009, Imaginatik was named as one of the 500 fastest growing technology companies in the EMEA region by Deloitte. For more information visit www.imaginatik.com.

 

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