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MATERIAL LITIGATION icapital.biz Berhad ("ICAP" or the "Fund") - Originating Summons No. WA-24NCC-517-11/2021 ICAP v. City of London Investment Management Limited ("CLIM")

ICAPITAL.BIZ BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
icapital.biz Berhad ("ICAP" or the "Fund") 
- Originating Summons No. WA-24NCC-517-11/2021 ICAP v. City of London Investment Management Limited ("CLIM")

Further to the announcements dated 19 November 2021, 17 December 2021, 21 December 2021, 17 January 2022, 7 March 2022, 29 March 2022, 1 April 2022, 4 April 2022, 7 April 2022, 10 May 2022, 22 June 2022 and 23 June 2022 (“Announcements”), unless otherwise defined, the definitions set out in the Announcements shall apply herein.

 

Following the hearing of ICAP’s application for Erinford or further Injunction on 23 June 2022, the Board of Directors wishes to announce that the Court was informed on 3 August 2022 that parties have reached an agreement whereby CLIM (either by itself and/or through its nominees, agents, clients and/or employees) will not acquire any further shares in ICAP and/or increase its aggregate shareholding in ICAP beyond its current aggregate shareholding of 31,401,800 shares (which is equivalent to 22.43% of ICAP's total issued capital), pending the full and final determination and/or disposal of ICAP's appeal to the Court of Appeal against the High Court Order dated 28 March 2022 vide Civil Appeal No. W-02 (NCC)(A)-577-04/2022 ("said Appeal").

 

In addition, CLIM may, either by itself and/or through its nominees, agents, clients and/or employees, deal with its aggregate shareholding in ICAP (including by outright sales, purchases, or transfers of ICAP's shares between CLIM's clients) so long as CLIM's aggregate shareholding does not exceed its current aggregate shareholding of 31,401,800 shares (which is equivalent to 22.43% of ICAP's total issued capital), pending the full and final determination and/or disposal of the said Appeal.

 

As such, on 3 August 2022, ICAP has withdrawn its application for Erinford or further Injunction with no order as to costs.

 

The Fund will make further announcement on the developments of the above matter as and when is necessary.

 

This announcement is dated 5 August 2022.






Announcement Info

Company Name ICAPITAL.BIZ BERHAD
Stock Name ICAP
Date Announced 09 Aug 2022
Category General Announcement for PLC
Reference Number GA1-08082022-00092




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