Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) has reached an out-of-court settlement with its former directors. The settlement will see the packaged goods distribution company secure ownership and management of the Chill.com domain and associated trademarks, resolving a dispute that had drawn significant attention.
The former directors will retain payments received before a general meeting in June 2024. By resolving the case, Chill has avoided further legal costs and can now redirect resources towards its core business and growth plans.
CEO Callum Sommerton said: "We are very pleased to have reached a settlement with the Company's former directors that allows us to move on and prioritise delivering value for shareholders. This is an important milestone for the Company and for Chill.com, which is a key pillar of the strategy to build our brand."
In the same corporate update, the group said the audit work is ongoing, with the 2024 financial report set to be completed and published during the first quarter of 2025.