3 Nov 2021 11:15
INTOSOL Holdings Plc ('INTOSOL' or the 'Company')
Corporate Update
INTOSOL Holdings Plc. announces that it has received legal notice of liquidation of the Company by Broker Hybridan LLP (Claire Noyce Chief. Executive).
The Company terminated the Broker engagement related to non-performance. Hybridan LLP (Claire Noyce Chief. Executive) demanded six (6) months termination fees or GBP30,000. The Company continues to negotiate a settlement as there is no reasonable legal defence to terms of the appointment contract with Hybridan LLP (Claire Noyce Chief. Executive). In addition, the Company is classified "professional client" in the appointment contract, not a "retail client". Most Brokers classify clients as "retail client", which allows the client to avoid litigation and seek an independent review by Ombudsman Service. The Company's Board was not made aware of the importance of this classification in their agreement.
This announcement is made following receipt of notice to publish the winding-up action by Broker Hybridan LLP (Claire Noyce Chief. Executive) despite ongoing negotiations. The Company is represented by Pitman's Law Firm and has also appointed an independent regulated Broker firm to assist in any reasonable settlement. The Company has sufficient working capital for ongoing operations and is seeking a fair and reasonable settlement without being forced into unreasonable terms and will exercise its rights and responsibility of the stewardship of shareholder funds.
For further information contact:
Rainer Spekowius INTOSOL Holdings Plc Rainer.Spekowius@intosol.de
CEO/ Executive Director