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Big Technologies PLC on Friday said new revelations against its former chief executive, including possible forgery of documents, have ‘material’ adverse implications for its position in the Buddi litigation. In response, shares in the provider of electronic monitoring solutions fell 12% to 80.24 pence each in London on Friday. They have dropped 26% in the last 12 months. On Friday, Big Technologies said that ‘further very serious matters that have come to light’ regarding the conduct of Sara Murray and persons associated with her. As a result, the company is seeking to expand its claim against Murray and others as part of a ‘strengthened case.’ Murray was suspended as chief executive in March owing to ‘concerns’ about her conduct. Later that month she was fired and legal proceedings were started against her. The claims relate to Murray’s relationship with Zinc Ltd, Monitoring Partners Ltd, RCP Ltd and Romelle Ltd, which held around a 17% stake in Big Technologies at the time of the firm’s initial public offer in 2021. Big Technologies alleges Murray provided untrue information to the company and improperly diverted or extracted ‘significant’ sums of money, thought to be in excess of £19 million, from it. Big Technologies said the new developments centre on forgery or deliberate falsification of significant documents by Murray. These include board minutes of Buddi, a unit which Big Technologies acquired in 2018, before its stock market flotation in July 2021. Buddi was founded by Murray in 2005. The minutes show Buddi board members agreeing ‘to sell their shares in Buddi’ to Big Technologies. Big Technologies alleges that Murray ‘created or otherwise forged or deliberately falsified’ documents more than three years after their dates, and, specifically, in the days immediately after the claimants first notified the company and Buddi in July 2021 that they were challenging the exercise of the drag right and claiming that they were wrongly forced or induced to sell their shares in Buddi. The firm said it appears that Murray then sent the documents to the company’s solicitors for them to be sent to Queen’s Counsel in July 2021 in order to ‘give or support the false impression’ to the solicitors, QC, and others that the drag right had been complied with in 2018 and ‘to cover up her wrongdoing at that time, including so that the company’s IPO could proceed.’ The company notes the IPO delivered ‘significant financial benefits’ to Murray and her family, via the Murray Trust. Big Technologies said its view is that the exercise of the drag right in 2018 was ‘invalid and/or wrongfully carried out’ and, in particular, there were not acceptances in writing from holders representing 75% of Buddi’s issued share capital. The company said Murray has denied the allegations, although ‘no substantive explanation has been provided to date.’ Big Technologies said investigations showed there were no such board meetings at the purported times and places in 2018 and the company believes no such meetings occurred. In addition, the notice Murray sent to Buddi shareholders informing them that the drag right was being exercised was sent before the time recorded in the supposed board minute as to when the relevant board meeting purportedly took place. Big Technologies also said emails sent by Murray to QC ‘appear to include altered versions of other authentic emails previously sent by the shareholders in question.’ ‘In particular, the emails had been, amongst other things, deliberately falsified to include language suggesting the shareholders had accepted a cash offer for their shares, which is relevant to whether there was in fact a valid exercise of the drag right pursuant to the articles of association of Buddi,’ it noted. The company said it was making the disclosure ‘so that there is no room for doubt about the severity of, and responsibility for the implications of, these matters.’ Chair Alexander Brennan said: ‘The new developments announced today are of a very serious nature and have important implications for the company’s proceedings against Sara Murray, as well as its position in the Buddi litigation.’ Big Technologies has the view that a drag right exercise was invalid and this will have a ‘material adverse impact’ on its position in the Buddi litigation, where some former shareholders of Buddi allege they were wrongly forced to sell their shares in Buddi ‘and were not given the opportunity to reinvest into Big Technologies’. ‘As a result of this, the company has also concluded that it and Buddi are unlikely to be able to successfully defend material elements of the claim in the Buddi litigation,’ it added. Big Technologies said it remains ‘resolved’ to recover from Murray any liabilities of the company or any member of its group in relation to the Buddi litigation. Nonetheless, it has offered to Murray and others that the claims against them be addressed through alternative dispute resolution, such as mediation. The company has obtained undertakings to trial in the nature of freezing injunctions from Murray and other defendants in the proceedings. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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