(Alliance News) - Simulation training provider SimiGon Ltd on Wednesday said it will "vigorously defend itself" against a legal claims made by an investor at the Tel Aviv District Court.
DD Goldstein Real Estates filed two claims in the court, the first regarding salaries at SimiGon and the second related to the appointment of directors at the London-listed firm's annual general meeting in December.
DD Goldstein Real Estates purchased 1.5 million shares in the company during 2019, Israel-based SimiGon said.
SimiGon does not expect to take a financial hit from the claims.
The firm explained: "The company will study the materials relating to the claims and intends to vigorously defend against them. The company has notified its insurers with respect to allegations against directors.
"Upon initial review of the claims, we do not foresee any potential financial penalties to the company even if the court was to decide that these claims have merit."
At the AGM, held on December 30, Simon Bentley was appointed as a non-executive director and Ronit Schwartz was added as an external director.
Bentley was a former non-executive director of retailer Sports Direct International PLC, now Frasers Group PLC and Schwartz is a director at Israel-based oil & gas firm Petroleum & Energy Infrastructures Ltd.
SimiGon shares were 11% lower at 7.55 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Frasers Group (FRAS)