Business
Alleged Claim made by EHGOF
Alleged Claim made by EHGOF.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7541L\n Iconic Labs PLC\n 14 January 2021\n \n \n \n \n \n \n \n Iconic Labs Plc (\"Iconic Labs\" or the \"Company\")\n \n Alleged Claim made by European High Growth Opportunities Securitization Fund\n \n \n \n \n Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that it has been served with a claim form from European High Growth Opportunities Securitization Fund (\"EHGOF\"). EHGOF has filed the claim in the High Court in London, but has yet to file particulars of claim setting out the exact nature of its claim, and therefore the Company is unable to respond or comment in any detail on the claim until such time as EHGOF files the necessary documentation to evidence its alleged claim.\n \n \n \n \n \n Notwithstanding the above, the Company 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 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.\n \n \n \n \n \n The Company has also kept Greencastle Capital (\"Greencastle\") appraised of this development, and Greencastle has informed the Company that while Greencastle 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 the Company, and which are in respect of the JOE Media and TheLondonEconomic businesses.\n \n \n \n \n \n The Company notes 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, 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 discussi...