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Catenae faces GBP49,875 claim from subsidiary Hyperneph Software

Tue, 17th May 2022 15:55

(Alliance News) - Catenae Innovation PLC on Tuesday said it had received a claim from certain minority shareholders in its subsidiary undertaking, Hyperneph Software Limited.

The claim against the digital media and technology company is for a specified sum of GBP49,875 along with specific performance of various clauses under the acquisition agreement.

The Newcastle-based firm said based on it's legal advice it does not believe there is any merit to the claim and intends to submit a counterclaim.

Catenae currently has cash resources of approximately GBP328,000.

In April, the company's shares were temporarily suspended as it was not in a position to complete its yearly audit of its financial statements.

Catenae's share price were suspended at 0.29 pence.

By Sophie Rose; sophierose@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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