(Alliance News) - Catenae Innovation PLC on Tuesday said it had received a claim from certain minority shareholders in its subsidiary undertaking, Hyperneph Software Limited.
The claim against the digital media and technology company is for a specified sum of GBP49,875 along with specific performance of various clauses under the acquisition agreement.
The Newcastle-based firm said based on it's legal advice it does not believe there is any merit to the claim and intends to submit a counterclaim.
Catenae currently has cash resources of approximately GBP328,000.
In April, the company's shares were temporarily suspended as it was not in a position to complete its yearly audit of its financial statements.
Catenae's share price were suspended at 0.29 pence.
By Sophie Rose; sophierose@alliancenews.com
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