Update on litigation and funding (5657C)
May 02 2012 - 5:53AM
UK Regulatory
TIDMMBW
RNS Number : 5657C
Mobilewave Group PLC
02 May 2012
02 May 2012
MobileWave Group plc
("MobileWave" or the "Company")
Update on litigation and funding
The board of MobileWave wishes to update shareholders as to
current position with regard to the litigation between the Company
and Devin Narang, funding and the acquisition of Ariose Software.
Litigation
Legal action against Devin Narang continues. As shareholders are
aware, separate actions have been instigated against Mr. Narang in
both the English and Indian courts. Judgement against him has been
granted in the English courts in the amount of GBP1,045,010.11
including interest to the date of judgement which was 21 September
2010 and costs. A bankruptcy order against Mr. Narang is being
sought and the board expects to be in a position to further update
shareholders in the near future. Funding and Ariose Software
The Convertible Preference Share funding previously announced
has not yet been received. Rory Stear, Chairman and CEO of the
Company, met with the investors in Asia in the recent past and was
assured that they would soon be in a position to fulfil their
contractual obligation to the Company. Their investment is
predicated on them receiving substantial funding from a separate
transaction in their core business. The Company was assured that
despite the numerous delays to finalising this, the conclusion of
this transaction was imminent.
The conclusion of the Ariose Software acquisition is conditional
upon receiving these funds. Rory Stear remains in close contact
with the vendors and management of Ariose Software and both parties
remain committed to concluding this transaction. Shareholders will
be kept informed on progress with regard to these three important
issues and a further announcement will be made as soon as
practicable.
For further information, please contact:
MobileWave Group plc rstear@mobilewave.com
Rory Stear, Chairman
Charles Stanley Securities 020 7149 6000
Nominated Adviser & Broker
Dugald J.Carlean / Carl Holmes
This information is provided by RNS
The company news service from the London Stock Exchange
END
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