MEDICAL device group AorTech has confirmed there has been no major movement in its ongoing legal dispute with former chief executive Frank Maguire.
When asked about the case ahead of the company's annual general meeting in Glasgow yesterday chairman Bill Brown referred to the annual report for the year ending March 31, in which it is noted that the company secured insurance to meet the ongoing cost of action against Mr Maguire.
Mr Maguire resigned in November last year, with immediate effect. Mr Brown wrote in the annual report that the firm has spent a "substantial amount of time, effort and work" on the legal action as it believes Mr Maguire did not act in the best interests of the company and its shareholders in certain commercial negotiations. The annual report records an exceptional item of $83,000 (£51,000) in administrative expenses relating to the dispute. The company also posted a wider loss attributable to owners of the parent company from $847,000 to $1.3 million.
In the report, Mr Brown noted that AorTech has completed its restructuring, which he said will lead to considerable cost savings, and he predicted that this year will be one of "continuing change".
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