REG - Bidstack Group PLC - Comment on Azerion Statement

BidstackAnnouncement

01/03/2023 17:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230301:nRSA5802Ra&default-theme=true

RNS Number : 5802R  Bidstack Group PLC  01 March 2023

Certain information contained within this Announcement is deemed by the
Company to constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 ("MAR") as applied in the United Kingdom. Upon
publication of this Announcement, this information is now considered to be in
the public domain.

1 March 2023

Bidstack Group Plc

("Bidstack" or the "Company" or the "Group")

Comment on Azerion Statement

Bidstack Group Plc (AIM:BIDS), the native in-game activation platform, notes that Azerion Group N.V. ("Azerion") has recently published a statement entitled "Response to recent communications on Bidstack litigation".

Bidstack disagrees with Azerion's interpretation of the litigation between
them in the Dutch courts.

Bidstack believes that Azerion's allegation that "the Court of Amsterdam ruled
broadly in Azerion's favour during a preliminary hearing" is substantially
misleading.

Following the preliminary hearing brought by Azerion in an attempt to lift an
attachment (freezing order) over Azerion's bank accounts granted to Bidstack
by the Dutch courts, the Court held that Bidstack had claims to which such an
attachment could be made for a net amount of over €1.6m relating to invoices
issued to Azerion to the end of October 2022.  In accordance with Dutch law
attachments must be lifted where adequate alternative security for not less
than that amount is provided to the party obtaining the attachments.  Azerion
subsequently provided such security to Bidstack in the form of a bank
guarantee for that amount and the attachment has consequently been lifted.

In addition the Court refused Azerion's request to prohibit Bidstack from
making further applications to obtain pre-judgment attachments over Azerion's
bank accounts in respect of Bidstack's additional claims although, in that
event, Bidstack may have to provide counter-security for costs.

The Court further ruled that each side bear its own costs in relation to the
preliminary hearing.

As stated in the Company's announcement on 13 February 2023, in the Group's
audited accounts for the year ended 31 December 2022, revenue, gross margin
and consequent profit or loss are likely to be subject to a provision based on
the Board's assessment of the outcome of the Company's case against Azerion.

Bidstack has previously commented on this matter in announcements on 3 January
2023 and 13 February 2023 and will publish further updates when appropriate.

-ENDS-

 

Contacts:

 Bidstack Group Plc                          via SPARK

 James Draper, CEO

 SPARK Advisory Partners Limited (Nomad)     +44 (0) 203 368 3550

 Mark Brady / Neil Baldwin / James Keeshan

 Stifel Nicolaus Europe Limited (Broker)     +44 (0) 20 7710 7600

 Fred Walsh / Tom Marsh

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STRBRGDXUDGDGXB