Starcom PLC Litigation Update (0501O)
30 September 2019 - 4:02PM
UK Regulatory
TIDMSTAR
RNS Number : 0501O
Starcom PLC
30 September 2019
30 September 2019
Starcom plc
("Starcom" or "the Company")
Litigation Update
The Company announces an update on the suit which was filed by
Top-Alpha Capital Ltd. ("Top Alpha") against Avi Hartmann (Chief
Executive Officer), Doron Kedem (former Chief Operating Officer)
and the Company and its subsidiary companies (the "Starcom Group")
as originally announced on 3 December 2014.
In the Company's annual report and accounts for the year ended
31 December 2016, the Company updated that the claim by Top Alpha
had been restricted to Avi Hartmann, Doron Kedem and a subsidiary
of the Company, Starcom Systems Limited. The Company further
notified that, in the event of a claim being successful it was not
expected to exceed a total of approximately $180,000 (based on
exchange rates at that time) and, in any event, Mr Hartmaan and Mr
Kedem have agreed to bear the cost of any such claim, so no such
liability fell upon the Company.
On 25 September 2019, the Company was notified that, on 19
September 2019, the Tel Aviv District Court issued a judgment
against Mr Hartmann and Mr Kedem in the amount of 677,000 shekels
(approximately $194,000) in total. No judgement has been made
against either the Company or any of its subsidiaries in respect of
the claim. Whilst it is the intention of the defendants to lodge an
appeal against this decision, this judgement means that there is no
liability to the Starcom Group in respect of Top Alpha's claim.
-ends-
For further information please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727595
Avi Hartmann, CEO +972 5477 35663
Allenby Capital Limited (Nominated Adviser
and Joint Broker)
James Reeve/Jeremy Porter/Asha Chotai 020 3328 5656
Peterhouse Capital Limited (Joint Broker)
Lucy Williams/Charles Goodfellow/Eran Zucker 020 7469 0930
Leander PR (Financial PR)
Christian Taylor-Wilkinson 07795 168 157
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END
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