14 Dec 2011 07:00
14 December 2011
Imaginatik plc
("Imaginatik" or the "Company")
Litigation Update
Imaginatik plc (AIM: IMTK), a leading provider of enterprise innovation services including a range of technology products and consultancy announces a cost order in favour of the Company in connection with the successful litigation against its former CEO, Mark Turrell.
Further to the announcement made on 13 December 2011 regarding the outcome of litigation between the Company, Mr Cooper, the Executive Chairman, and Mr Turrell, the Company is pleased to announce that Tugendhat J has ordered that Mr Turrell be liable to the Company and Mr Cooper for their legal costs on the indemnity basis. Such costs will be subject to the assessment process should a suitable agreement not be reached by the parties. In the meantime, Mr Turrell has been ordered to pay to the Company and Mr Cooper by 26 December 2011 an aggregate initial sum of £163,472.05 on account of their costs.
Matt Cooper, Executive Chairman of Imaginatik, commented, "The Judge's order on costs is further vindication of the Company's decision to pursue Mr Turrell given his appalling conduct towards the Company over the past year or so. We now look forward to receiving in full the damages and costs that Mr Turrell has been ordered to pay, and shall seek enforcement proceedings against him if payment is not forthcoming."
For further information please contact:
Imaginatik plc | Tel: 020 7917 2975 |
Matt Cooper, Executive Chairman / Shawn Taylor, CFO | |
Northland Capital Partners Limited | Tel: 020 7796 8800 |
Gavin Burnell/Edward Hutton | |
Threadneedle Communications | Tel: 020 7653 9850 |
Caroline Evans-Jones / Hilary Millar |
About Imaginatik
Imaginatik provides Innovation and Idea management solutions comprised of consultancy, software and program management to deliver innovation outcomes to companies such as The Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear, Paccar, Kellogg and Cargill. Few companies possess the internal capability to consistently generate fresh ideas, identify those worth pursuing and reliably transform them into real, value-enhancing assets. This is Imaginatik's area of expertise.
Imaginatik is a public company whose shares are traded on the AIM market of the London Stock Exchange (LSE:IMTK.L) and a World Economic Forum Technology Pioneer with offices in Boston, MA, and London. In 2009, Imaginatik was named as one of the 500 fastest growing technology companies in the EMEA region by Deloitte. For more information visit www.imaginatik.com.