LONDON (ShareCast) - (Sharecast News) - Digital media and technology company Catenae Innovation updated the market on its trading on Monday, reporting that it received a purchase order for £95,000 from an existing customer to provide "further digital technology solutions".
The AIM-traded firm said it expected at least half of the order to be fully satisfied in the current financial year.

Additionally, an agreement had been renewed with another existing customer, securing a total of £19,000 of revenues, of which Catenae expected more than half to be recognised in the current year.

Catenae also updated the market on its acquisition of Hyperneph Software, after some minority shareholders made a claim for £49,875 along with "specific performance of various clauses under the acquisition agreement", which the company announced on 17 May.

The company agreed to the acquisition of Hyperneph on 4 May last year.

"Further to the announcement made on 17 May, the company advises that Michelle Gurney has resigned as a director of Hyperneph, a 51% subsidiary of the company," the board said in its statement.

"The company continues to defend the claim made by certain minority shareholders of Hyperneph.

"The company will be making a counterclaim in due course."

Finally, Catenae also updated the market on the suspension of its shares, which took effect at 0730 BST on 1 April, as it "was not in a position" to complete the audit of its financial statements to 30 September.

A company's shares can remain suspended for up to six months, following which its shares would be cancelled from trading on AIM.

"There has been no material change in the company's financial position since it was last updated on 17 May," the board said on Monday.

Reporting by Josh White at Sharecast.com.

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