REG - Big Technologies PLC - Response to press speculation

Big TechnologiesAnnouncement

29/01/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240129:nRSc1932Ba&default-theme=true

RNS Number : 1932B  Big Technologies PLC  29 January 2024

29 January 2024

Big Technologies plc

("Big Technologies" or the "Company")

 

Response to press speculation

 

In response to the article published in The Times on 29 January 2024 (the
"Article") regarding the claim as filed with the High Court of Justice England
and Wales on 2 August 2023 (and amended and re-filed on 22 November 2023) (the
"Claim"), brought by Philippa D'Arcy, Michael and Rhian-Anwen Hamill, Mark
Hawtin and Brian Maclaurin, former shareholders of Buddi Limited (representing
around 6% of the fully diluted share capital of Buddi Limited in May 2018),
the Company reiterates the position set out in the RNS announcement dated 4
August 2023.

 

The Company wishes to make it clear that the particulars of claim as set out
in the Article regarding the existence of "undisclosed interests" of Sara
Murray in certain of its shareholders are wholly untrue.

 

The Company has taken advice from its lawyers and from King's Counsel and
remains confident that the Claim lacks legal and factual merit and intends to
defend its position robustly.

 

The Company will make further announcements regarding the Claim as
appropriate.

 

For further information please contact:

 

 Big Technologies                                                            via Williams Nicolson
 Sara Murray (Chief Executive Officer)

 Daren Morris (Chief Financial Officer)

 Williams Nicolson (PR Advisers)
 Steffan Williams          steffan.williams@williamsnicolson.com             +44 (0) 7767 345563

 William Barker             william.barker@williamsnicolson.com              +44 (0) 7534 068657

 Zeus (Nominated Adviser and Sole Broker)                                    +44 (0) 20 3829 5000
 Jamie Peel / Dan Bate / Kieran Russell (Investment Banking)

 Benjamin Robertson (Equity Capital Markets)

Background

 

As set out within the admission document in July 2021 (the "Admission
Document"), a letter of potential claim had been received from Philippa
D'Arcy, Michael and Rhian-Anwen Hamill, Mark Hawtin and Brian Maclaurin,
former shareholders of Buddi Limited (representing around 6% of the fully
diluted share capital of Buddi Limited in May 2018), one of the subsidiaries
of the Group, in respect of the operation of a drag mechanism contained in the
articles of Buddi Limited that was utilised in connection with the acquisition
of Buddi Limited, dating back to May 2018.

 

As was set out on page 138 of the Admission Document, the Company sought legal
advice from a number of sources, including solicitors who advised the Company
on the operation of the drag mechanism, its solicitors on the placing at IPO
and Queen's Counsel. The conclusions were, that having reviewed that advice
(which is the subject of legal privilege which is not waived), that the
Company is satisfied that the drag mechanism was exercised properly in
accordance with its terms and that any claim brought by the former Buddi
Limited shareholders would be likely to be defeated.

 

 The Company will make further announcements regarding the Claim as
appropriate.

 

 

 

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  SPCEAXFNAELLEEA