LONDON (Alliance News) - Elektron Technology PLC said Wednesday that shareholder Barrie Bridge's application for permission to appeal against a ruling by a Liverpool court has been refused for the second time, after Bridge requested an oral hearing for a previous decision to be reconsidered.
The oral hearing took place on Wednesday.
Last year, Bridge launched a claim against current Elektron directors Chairman Keith Daley and Chief Executive Officer John Wilson, and former directors Noah Franklin and Simon Acland over alleged mismanagement, alleging various breaches of duty by the directors.
The allegations included dishonesty, "a reckless acquisition spree", illegal share price manipulation, and the implementation of unfair bonus and share schemes without proper shareholder approval.
In October, Bridge was refused permission to appeal a ruling by the Liverpool court, but requested a hearing against the judgement.
However, a judge from the court on Wednesday found that "Bridge's appeal would not have a real prospect of success on any of the grounds put forward".
Elektron Technology said there is no further route of appeal available to Bridge.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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