Induct – Decision from Oslo District Court regarding legal dispute with Alpha Blue Ocean/EHGO

Reference is made to announcements 18 February 2019 and 3 June 2019. The legal dispute between Induct AS (“Induct") and European High Growth Opportunities Securitization Fund ("EHGO") regarding the termination of a certain convertible loan facility was heard by Oslo District Court 19-21 June 2019.

Induct has now received the decision from Oslo District Court which concludes that Induct has to issue 179,487 shares to EHGO and repay to EHGO the remaining NOK 3 million in convertible loan.

Induct take notice of the fact that the District Court concludes that ”Flere omstendigheter trekker i retning av at EHGO forsøkte å påvirke aksjekursen for å konvertere aksjer til en kurs som var gunstig for fondet". However, the District Court does not find that these actions or other potential illegal actions by EHGO suspended Induct’s duty to issue shares according to the agreement with EHGO. From Induct’s point of view this conclusion is incorrect since EHGO received more shares than it should if EHGO manipulated the share price through their trading in Induct’s shares.

The Court concluded that both parties have to cover their own legal costs relating to the dispute as Induct had good reason to bring the legal dispute to the District Court.

Induct will most likely appeal the decision from Oslo District Court to Borgarting Court of Appeal.

In the case Induct appeals, the decision by Oslo District Court does not result in any cash payment or issuance of shares from Induct to EHGO until the case is finally settled by Borgarting Court of Appeal or the Supreme Court of Norway.

           

For further information, please contact:
Alf Martin Johansen, Chief Executive Officer
+47 90 17 94 35
amj@inductsoftware.com

About Induct

Based on ten years of collaboration with more than 250 organizations, Induct offers collaborative communities, delivered as "Software as a Service," that enable organizations to digitalize and manage business processes. This also include create, manage, track and measure the innovation process from idea creation through to final implementation and impact reporting. Induct enables its customers to connect with each other in larger networks to share best practices, while deploying and monetizing initiatives - all within a secure, collaborative, and access-controlled cloud-based network.

Induct is listed on the Merkur Market list on the Oslo Stock Exchange with the ticker INDUCT-ME.

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