Brief: Bubs Australia Updates On Alpha Group Legal Dispute

Bubs Australia

03/07/2023 01:49

July 3 (Reuters) - Bubs Australia Ltd  BUB.AX :
    * ALPHA GROUP LEGAL DISPUTE
    * ALICE AND WILLIS ALLEGED THAT "PREVIOUS BUBS MANAGEMENT
TEAM"
MADE PROMISES TO ALPHA GROUP
    * ALICE AND WILLIS INTEND TO RETURN FURTHER STOCK PAID FOR
AND
DELIVERED SINCE AUG 2022, SEEK REFUND FROM BUBS OF A$7.5M
    * PROMISES THAT ALICE AND WILLIS COULD UNCONDITIONALLY
RETURN ANY
STOCK THAT THEY COULD NOT SELL WITHOUT ANY LIABILITY, AMONG
OTHERS
    * BUBS DOES NOT ACCEPT THESE ALLEGED CLAIMS
    * BUBS WOULD PROVIDE CREDIT FOR ANY NEAR EXPIRY STOCK ALICE
AND
WILLIS HAD AND FURTHER CLAIMS THEY ARE ENTITLED TO A$12.9M
    * NO SUCH PROMISES WERE COMMUNICATED TO NON-EXECUTIVE
DIRECTORS ON
BUBS BOARD AT TIME BY "PREVIOUS BUBS MANAGEMENT TEAM"
    * BOARD IS DETERMINED TO FULLY INVESTIGATE ALLEGATIONS AND
WILL
TAKE WHATEVER ACTION IS NECESSARY

Source text for Eikon:  ID:nASX1RQ5Qz 
Further company coverage:  BUB.AX 

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