(Alliance News) - Vordere PLC said on Tuesday a shareholder has been granted an interim injunction related to a share allotment.
Vordere said that on Wednesday last week, the High Court of Justice granted John O'Donnell, a shareholder of the company, an interim injunction. This means that the company is prohibited from registering in its register of members any transfer of the 129.2 million shares which were the subject of a "purported" share allotment made last week.
"The ordinary shares the subject of the share allotments were purportedly allotted to the seller of certain properties to the company, namely Ritz Property Investimentos Imobiliarios Eireli, and certain other parties, namely Aurora Capital Ltd and GFG-UK-Ltd," said Vordere.
On Monday last week, Vordere said it agreed to acquire five properties in Brazil for GBP25.9 million in shares. Vordere allotted 129.3 million new shares at 20 pence each as consideration.
Shares in Vordere are currently suspended. The company requested that its shares be temporarily suspended from Main Market trading in early July so it could assess its financial position.
By Lucy Heming; lucyheming@alliancenews.com
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