leadf
logo-loader
viewIconic Labs PLC

Iconic Labs notes alleged claim from European High Growth Opportunities Securitization Fund

The company said while EHGOF has filed the claim in the High Court in London, it has yet to file particulars of claim setting out its exact nature, and therefore the firm said it is unable to respond or comment in any detail at this time

Iconic Labs PLC - Iconic Labs notes alleged claim from European High Growth Opportunities Securitization Fund

Iconic Labs PLC (LON:ICON) said it has been served with a claim from the European High Growth Opportunities Securitization Fund (EHGOF).

The company said while EHGOF has filed the claim in the High Court in London, it has yet to file particulars of claim setting out its exact nature, and therefore the firm said it is unable to respond or comment in any detail until such time as EHGOF files the necessary documentation to evidence its alleged claim.

Iconic said it assumes that the claim may be being made in respect of amounts that are allegedly due to EHGOF under specific loan notes, although the claim form makes no reference to these loan notes, instead referring to agreements with EHGOF that were, against the wishes of EHGOF, unilaterally and validly terminated by the company last year. The company said it reserves its position at this time on the merits of the alleged claim pending receipt of fully particularised Particulars of Claim and a full investigation of the claim.

The firm also said it has kept Greencastle Capital appraised of this development, and Greencastle has informed the company that while it is monitoring the situation carefully, it does not consider that there are yet grounds upon which it might seek to terminate either of the management services agreements that exist between Greencastle Capital and Iconic Labs, and which are in respect of the JOE Media and TheLondonEconomic businesses.

Iconic also noted that discussions had taken place during the course of the last year with Alpha Blue Ocean (ABO), the investment manager of EHGOF, as to a settlement of the amounts due under the loan notes, with the company believing that an agreement in principle had been reached.  However, the firm said since December 2020, ABO reneged on that agreement in principle and to date, ABO has refused to propose any practical alternative agreement or enter into meaningful discussions with the company.

The group said it will update the market in due course.

Quick facts: Iconic Labs PLC

Price: 0.0059 GBX

LSE:ICON
Market: LSE
Market Cap: £2.21 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Iconic Labs PLC named herein, including the promotion by the Company of Iconic Labs PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: Boris Brexit talks continue as deal remains at sea

FTSE 100 rose again even though Boris Johnson's dinner with EU chief Ursula von der Leyen produced no end to the Brexit stalemate. London’s blue chip index was up 19 at 6,583 with Sunday now the next Brexit deadline. Ocado Group PLC (LON:OCDO) expects profits to shoot up this year after...

on 10/12/20

2 min read