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Iconic Labs says Greencastle Capital terminates management service agreements
StockMarketWire.com
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Media and technology business Iconic Labs said Greencastle Capital had issues notices of terminations of the management service agreements with the company following the resignation of key senior management personnel.
The successful performance is principally the result of the skills and work of the senior management team of John Quinlan, Sam Asante and Liam Harrington, Greenside Capital said.
'With their resignation and likely replacement by a Cypriot hotel team we do not consider that it is acceptable for Greencastle Capital to risk its assets and own financial position by continuing the relationship with Iconic,' it added.
In a separate statement, Iconic Labs also said that following the failure of European High Growth Opportunities Securitization Fund to accept a revised settlement offer, which the company considered to be commercially acceptable and fair to all parties, John Quinlan, Liam Harrington and Sam Asante had considered their roles to be untenable and resigned.
'The former directors believe that they have been placed in an impossible position to resolve these issues and they believe that is for the good of the company, its shareholders and the stakeholders as a whole that they resign and that the current non-executive director, Katharine Lewis, is best placed to assess the company's options going forward.
At 9:31am: (LON:ICON) share price was 0p at 0.01p
Story provided by StockMarketWire.com
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