LONDON (Alliance News) - Spark Ventures PLC said Thursday it has settled for an undisclosed sum a dispute with Michael Whitaker, a co-founder of the business, regarding his contractual bonus entitlement to its 2003 scheme.
Spark said that it had previously differed in the interpretation of the contractual documentation, but have now "agreed on a way forward".
It said it is not making any claim of breach of duty against Whitaker. "Any previous statements that might suggest the contrary are unreservedly withdrawn," the company said in a statement.
Shares in Spark Ventures are trading down 0.7% at 4.34 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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