LONDON (Alliance News) - Elektron Technology PLC said Monday that shareholder Barrie Bridge's application for permission to appeal a ruling by a Liverpool court has been refused, and Bridge has now requested an oral hearing for this decision to be reconsidered.
This oral hearing will take place April 20, 2016.
Earlier this year a judge at the High Court in the Liverpool District Registry refused a derivative litigation that Bridge was seeking to bring against current Elektron directors, Chairman Keith Daley and Chief Executive Officer John Wilson, and former directors Noah Franklin and Simon Acland.
Bridge had 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.
At that time Bridge was ordered to pay all the costs of the company and the directors, totalling GBP90,000, according to the company.
Shares in Elektron Technology were untraded Monday afternoon at 7.55 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.