Bidstack Group PLC (AIM:BIDS, OTC:FTBGF) said a statement by Azerion NV was “substantially misleading” after the Dutch company claimed the Court of Amsterdam had ruled broadly in its favour during a preliminary hearing.
Azerion had brought the hearing in order to attempt to lift a freezing order, known as an attachment, over its bank accounts.
But the AIM-listed company noted in its own statement after the market close yesterday that the court “held that Bidstack had claims to which such an attachment could be made for a net amount of over €1.6m relating to invoices issued to Azerion to the end of October 2022”.
As Dutch law states that attachments must be lifted where adequate alternative security for not less than that amount is provided to the party obtaining the attachments, Bidstack noted that Azerion has subsequently provided such security in the form of a bank guarantee for that amount and the attachment has consequently been lifted.
The UK company also noted that the court also refused Azerion's request to prohibit Bidstack from making further applications to obtain pre-judgment attachments over Azerion's bank accounts in respect of Bidstack's additional claims although, in that event, Bidstack may have to provide counter-security for costs.
Bidstack said last month that revenue and profits or losses for the past calendar year are likely to be subject to a provision based on the board's assessment of the outcome of the Azerion court case, though even without that they are still more than double the previous year.
In January the company said it had launched legal action against Azerion to enforce payment of sums it said were overdue as part of a commercial agreement.
After Azerion attempted to terminate the agreement Bidstack said that would claim damages for unlawful termination.