REG - Malin Corp PLC - Closure of Litigation

MalinAnnouncement

13/10/2022 07:01

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RNS Number : 6996C  Malin Corporation PLC  13 October 2022

 

Malin Corporation plc

Closure of Litigation

 

Dublin-Ireland, 13 October 2022: Malin Corporation plc (Euronext Growth
Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative
life sciences companies, gives this update in relation to outstanding
litigation.

The Company announced on 13 October 2021 that Irish High Court proceedings had
been initiated by the holders of 2,803,801 A Ordinary Shares in the Company
("the Founders") against the Company claiming an entitlement to the conversion
of their A Ordinary Shares into Ordinary Shares.

As previously announced, the Company rejected the conversion notices
previously submitted to the Company by the Founders, on the basis that no
change of control had occurred and the conversion rights carried by A Ordinary
Shares were not exercisable.

On 17 August 2022 the Company confirmed that one of the Founders, Crow Rock
Capital Limited, the holder of 787,032 A Ordinary Shares, had withdrawn its
claim against Malin in those proceedings and surrendered its A Ordinary Shares
to the Company.

The Company now confirms that the Company and the remaining Founders have
compromised the proceedings, which will be struck out with no order as to
costs. The remaining Founders will surrender all of their A Ordinary Shares to
the Company, for nil consideration.

On 20 June 2022, the Company announced that defamation proceedings were issued
on behalf of Kelly Martin and Sean Murphy against the Company, the Company's
Chair, Liam Daniel and the Company's CEO, Darragh Lyons. The Company now
confirms that Kelly Martin and Sean Murphy have agreed to discontinue those
proceedings.

In consideration of the above agreements, which are in the interests of the
Company's shareholders, the Company has agreed to make a €1m contribution
towards the remaining Founders' costs.

ENDS

 

About Malin Corporation plc

Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative
life sciences companies. Its purpose is to create shareholder value through
the application of long-term capital and operational and strategic expertise
to a diverse range of global healthcare businesses. Malin has a focus on
innovative businesses underpinned by exceptional science and works with its
investee companies, providing strategic and financial support to enable them
to reach their value potential. Malin is headquartered and domiciled in
Ireland and listed on the Euronext Growth Dublin. For more information
visit www.malinplc.com (http://www.malinplc.com/)

 

For further information contact:

 

Malin

Fiona Dunlevy, Company Secretary

Tel: +353 (0)1 901 5700

investorrelations@malinplc.com (mailto:investorrelations@malinplc.com)

 

Davy Corporate Finance (Euronext Growth Listing Sponsor & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: +353 1 679 6363

 

Liberum (Joint Broker)

Phil Walker / Ben Cryer

Tel: +44 (0) 20 3100 2000

 

Powerscourt (Media enquiries)

Eavan Gannon

Tel: +353 87 236 5973

malin@powerscourt-group.com (mailto:malin@powerscourt-group.com)

 

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