Brief: Ioupay Says Proceedings Against It By Clee Capital In Federal Court Of Australia Were Heard On 3 April

Ovanti

04/04/2023 02:42

April 4 (Reuters) - Ioupay Ltd  IOU.AX :
    * IOUPAY LTD - PROCEEDINGS COMMENCED AGAINST IT BY CLEE
CAPITAL IN
FEDERAL COURT OF AUSTRALIA WERE HEARD ON 3 APRIL
    * IOUPAY LTD - COURT DISMISSED CLEE'S APPLICATION FOR AN
INTERIM
INJUNCTION AGAINST CO
    * IOUPAY LTD - COSTS WERE AWARDED IN FAVOUR OF COMPANY
    * IOUPAY LTD - COSTS WERE AWARDED IN FAVOUR OF CO
    * IOUPAY LTD - COURT DISMISSED ALL OF INTERIM ORDERS SOUGHT
    * IOUPAY LTD - BOARD NOTES PROCEEDINGS BY CLEE HAVE HAD A
SERIOUSLY NEGATIVE IMPACT ON CO
    * IOUPAY LTD -  HAS BEEN UNABLE TO PROGRESS NEGOTIATIONS
WITH
POTENTIAL FINANCIERS IN A TIMELY MANNER FOR PAST TWO WEEKS
    * IOUPAY LTD - PROCEEDINGS HAVE IMPOSED VERY SIGNIFICANT
LEGAL
COSTS ON COMPANY
    * IOUPAY -  LEGAL PROCEEDINGS COMMENCED BY CLEE HAVE MADE IT
FAR
MORE LIKELY THAT COMPANY WILL NEED TO UNDERTAKE A CAPITAL
RAISING IN NEAR FUTURE
    * IOUPAY LTD - WILL LOOK TO CLEE TO PAY LEGAL COSTS ORDER IN
ITS
FAVOUR AS SOON AS POSSIBLE
    * IOUPAY -  CONSIDERS IS CLEARLY IN BEST INTERESTS OF
SHAREHOLDERS
FOR COMPANY'S SOLVENCY TO BE ASSURED ON AN ONGOING BASIS

Source text for Eikon:  ID:nASX9CRp0P 
Further company coverage:  IOU.AX 

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