Induct appeals the decision from Oslo District Court regarding legal dispute with ABO/EHGO
Reference is made to announcement 23 July 2019 regarding decision from Oslo District Court regarding legal dispute between Induct AS ("Induct") and Alpha Blue Ocean ("ABO")/European High Growth Opportunities Securitization Fund ("EHGO") regarding the termination of a certain convertible loan facility which was heard by Oslo District Court 19-21 June 2019.
The decision from Oslo District Court which concluded that Induct has to issue 179,487 shares to EHGO and repay to EHGO the remaining NOK 3 million in convertible loan.
Induct has appealed the decision from Oslo District Court to Borgarting Court of Appeal. The apeal is expected to be heard by Borgarting Court of Appeal during second half of 2020.
The potential cash payment or issuance of shares from Induct to ABO/EHGO is put on hold 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
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.