Sefton Resources Inc Update on Litigation (7723X)
02 September 2015 - 3:00AM
UK Regulatory
TIDMSER
RNS Number : 7723X
Sefton Resources Inc
01 September 2015
1 September 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Litigation Update - Court Date Set
Sefton Resources (AIM: SER) announces that, further to the
announcement of 28 August 2015, the Bankruptcy Court has confirmed
the hearing set for 1-2 October 2015.
Summary:
-- 1-2 October 2015 Hearing date set to hear merits of
bankruptcy petition by Mr James Ellerton, the former Executive
Chairman, and affiliates
-- Post Hearing, the Company intends to pursue James Ellerton
for fees, costs and monies owed to the Company from his time as
Executive Chairman.
As previously announced the Hearing will demand that the
Petitioners must present their burden of evidence, and prove that
the Bankruptcy Petition was validly and properly brought. Sefton
will present evidence of the Petitioners' lack of standing and bad
faith. The Court will then rule on whether the Petition should be
dismissed, and whether fees, costs, and/or damages will be awarded
against the Petitioners.
The original litigation brought by the Petitioners (as first
announced on 29 May 2015) and the counter claims by the Company (as
announced on 25 June 2015) has been ordered to be stayed until
after the Hearing. The Company believes Mr Ellerton's petition to
the Bankruptcy Court to be without merit, and following the
Hearing, Sefton intends to pursue him for costs and monies owed to
the Company from his time as Executive Chairman.
Further announcements will be made as appropriate.
(Defined terms to have the same meanings as in the announcement
of 28 August 2015)
Visit www.seftonresources.com or contact:
Raylene Whitford, Chief Financial Tel: 020 7872
Officer 5570
Laurence Read, Adviser
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Nick Harriss, Nick Athanas, Allenby Tel: 020 3328
Capital (Nomad) 5656
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Nick Bealer, Cornhill Capital Tel: 020 7710
(Broker) 9612
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Tim Blythe, Camilla Horsfall, Tel: 020 7138
Blytheweigh (PR) 3224
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This information is provided by RNS
The company news service from the London Stock Exchange
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