Iconic Labs updates on dispute with Greencastle Acquisition

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Iconic Labs PLC (LON:ICON) has updated investors on its dispute with Greencastle Acquisition and others as well as an investigation into the conduct of former directors.

The media and technology firm said it has received a statutory demand served by Greencastle for £58,668 alleged to be comprised of various sums assigned by former directors John Quinlan, Liam Harrington and Samuel Regan Asante as well as David Sefton, Matthew Vincent and Chris Pye less amounts owed by Greencastle entities to Iconic, including a £1mln loan and management services fees.

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The firm said it has also received a letter of demand from David Sefton claiming the amount of £256,676, allegedly comprising certain unpaid invoices.

Iconic said it believes the claims are wholly without merit and will be vigorously defended by the company in their entirety.

Meanwhile, the firm said it has today sent a pre-action letter to Greencastle Acquisition Limited, Greencastle MM LLP, Greencastle Capital Limited, Linton Capital LLP and David Sefton, outlining a number of serious wrongdoings, including breaches of duty. Iconic said should it not receive a satisfactory response it intends to issue proceedings in the Commercial Court in London.

The group added that it has appointed forensic accounting and legal experts to assist with its investigation into further allegations of wrongdoing against the former directors and David Sefton.

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