LONDON (Alliance News) - Elektron Technology PLC said Thursday that shareholder Barrie Bridge has applied to the Court of Appeal for permission to appeal against a ruling by a judge at the High Court in the Liverpool District Registry last month.
Last month the judge refused a derivative litigation Bridge was seeking to bring against current directors Keith Daley and 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.
Elektron Technology said Thursday that Bridge has applied to appeal this refusal. Bridge has stated that since his counsel did not appear at the hearing, his counsel has advised him the grounds for appeal are "by nature somewhat speculative".
Elektron Technology expects the court of the appeal will not require a hearing, and the outcome of its decision will be known later this summer.
Shares in Elektron Technology were up 3.0% at 7.98 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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