ImJack shares suspended over legal dispute

Digital networking and media firm imJack has asked for trading in its shares to be suspended today after a dispute with a major shareholder.
By The Newsroom
Published 11th Jan 2010, 09:31 BST

The AIM-listed Leeds firm said the dispute with Jeffrey Morris, who had agreed to lend up to 500,000 to imJack, was over the drawing down of 350,000 of this loan. It claimed that of the 350,000 previously drawn down, 147,000 of the funds were not provided.

ImJack said: "This is due to a dispute between Mr Morris and the Company over share conversion, about which the Company is taking legal advice. The provision of the remaining 150,000 is also subject to this dispute. Negotiations are currently taking place with Mr Morris to resolve this dispute."

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The firm added that Wamey, a company controlled by Mr Morris' family, has provided 271,000 of support, which has been accrued in accordance with the terms of an existing contract between Wamey and imJack.

ImJack said it was in discussions with a number of potential investors with a view to raising interim working capital and expects to successfully conclude those negotiations shortly.

Related topics:Leeds