Big Technologies (BIG)

Sector:

IT Services

Index:

FTSE AIM 50

141.50p
   
  • Change Today:
      0.50p
  • 52 Week High: 277.00
  • 52 Week Low: 105.50
  • Currency: UK Pounds
  • Shares Issued: 290.62m
  • Volume: 22,396
  • Market Cap: £411.23m

Big Technologies vows robust defence to Buddi acquisition allegations

By Josh White

Date: Monday 29 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Big Technologies responded to fresh press speculation on Monday, as it grappled with a legal battle in response to claims made by former shareholders of Buddi.
The dispute, filed in the High Court of England on 2 August last year and amended on 22 November, involved shareholders representing 6% of Buddi's share capital in May 2018, including Philippa D'Arcy, Michael and Rhian-Anwen Hamill, Mark Hawtin, and Brian Maclaurin.

According to an article published in the Times on Monday morning, the allegation centred on chief executive officer Sara Murray's alleged use of undisclosed offshore entities to force the sale of investors' shares during Big Technologies' acquisition of Buddi in 2018, resulting in substantial financial losses for the shareholders.

In its response, Big Technologies denied the claims, asserting they lacked legal and factual merit as it promised a robust defence.

The company also refuted any alleged wrongdoing by its executives.

Key points of contention included the involvement of offshore companies, which the Times said were named as significant shareholders during Big Technologies' 2021 listing on AIM market but allegedly had undisclosed ties to Sara Murray.

The claimants argued that a "drag-along" clause was improperly used, with certain shareholders receiving preferential treatment.

They also alleged that Murray held undisclosed interests via offshore entities, effectively controlling 58% of the company, surpassing the 75% voting threshold needed for the sale.

Big Technologies maintained the validity of the "drag-along" clause, and refuted allegations of false statements.

The claimants were seeking a court-ordered purchase of their Buddi shares at a court-determined price.

At 1347 GMT, shares in Big Technologies were up 3.63% at 128.5p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

BIG Market Data

Currency UK Pounds
Share Price 141.50p
Change Today 0.50p
% Change 0.35 %
52 Week High 277.00
52 Week Low 105.50
Volume 22,396
Shares Issued 290.62m
Market Cap £411.23m

BIG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
73.74% below the market average73.74% below the market average73.74% below the market average73.74% below the market average73.74% below the market average
32.53% below the sector average32.53% below the sector average32.53% below the sector average32.53% below the sector average32.53% below the sector average
Price Trend
62.62% below the market average62.62% below the market average62.62% below the market average62.62% below the market average62.62% below the market average
80.22% below the sector average80.22% below the sector average80.22% below the sector average80.22% below the sector average80.22% below the sector average
Income Not Available
Growth
34.42% above the market average34.42% above the market average34.42% above the market average34.42% above the market average34.42% above the market average
6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average6.02% above the sector average

BIG Dividends

No dividends found

Trades for 16-Jul-2024

Time Volume / Share Price
14:10 589 @ 141.50p
13:31 9,500 @ 141.50p
13:31 1,500 @ 141.50p
13:18 1,500 @ 141.00p
12:37 1,500 @ 140.50p

BIG Key Personnel

CEO Sara Elizabeth Murray
CFO Daren John Morris

Top of Page