LONDON (Alliance News) - Elektron Technology PLC Thursday said the derivative litigation brought by a small shareholder against some of its directors has been refused by the judge hearing the case at the High Court in the Liverpool District Registry.
Elektron had said that Barrie Bridge, who currently has a 1.83% stake in the company, was seeking to bring derivative litigation against current directors Keith Daley and John Wilson, and former directors Noah Franklin and Simon Acland.
Bridge launched a claim against the directors over alleged mismanagement, alleged various breaches of duty by the directors, including dishonesty, 'a reckless acquisition spree', illegal share price manipulation, and the implementation of unfair bonus and share schemes without proper shareholder approval.
"Mr Bridge represented himself at the hearing and both the company and the directors were represented by counsel instructed by their respective solicitors. Permission has been refused by His Honour Judge Hodge QC with the effect that, subject to rights of appeal, the derivative claim will not continue," Elektron said Thursday.
Bridge was ordered to pay all the costs of the company and the directors, totalling GBP90,000, according to the company.
He did not apply for permission to appeal at the eharing, but has 21 days to do so to the Court of Appeal.
Elektron shares were down 1.7% at 7.25 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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