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
William Barker william.barker@williamsnicolson.com
|
+44 (0) 7767 345563
+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.