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(Sharecast News) - Big Technologies announced on Thursday that it has secured further asset-freezing undertakings in its legal dispute with former chief executive Sara Murray, as well as several companies and a trust associated with her, as litigation progressed in both the UK and Guernsey courts.
The AIM-traded technology company said a new undertaking was provided to the High Court on 4 June by Murray and two associated firms, TFM Developments and TFM Inventions, agreeing not to dissipate assets up to the full £320m value of the claim brought against them.
That replaced an earlier interim undertaking announced on 22 May.
The new agreement allowed for limited exceptions, including payment of legal and living expenses, with the consent of the company.
In a separate move, Zinc Limited, Romelle Limited, RCP Limited and Monitoring Partners Limited - all named defendants in the same case - had also provided undertakings to the High Court not to dissipate assets valued at £64m, £48.5m, £79m and £78.5m, respectively.
Each of those was similarly subject to limited exceptions.
The disputed companies, along with FNB International Trustees in its capacity as trustee of the Murray Trust, also agreed to provide parallel undertakings to the Guernsey Court, each covering assets up to £150m.
All undertakings remained in place until the court reached a final determination or made a further order.
The defendants had until 25 June to file their defences.
Big Technologies said it would continue to provide updates as appropriate.
At 1006 BST, shares in Big Technologies were flat at 101p.
Reporting by Josh White for Sharecast.com.
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