Malin Corporation plc
Closure of Litigation
Dublin-Ireland, 13 October 2022: Malin Corporation plc (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, gives this update in relation to outstanding litigation.
The Company announced on 13 October 2021 that Irish High Court proceedings had been initiated by the holders of 2,803,801 A Ordinary Shares in the Company ("the Founders") against the Company claiming an entitlement to the conversion of their A Ordinary Shares into Ordinary Shares.
As previously announced, the Company rejected the conversion notices previously submitted to the Company by the Founders, on the basis that no change of control had occurred and the conversion rights carried by A Ordinary Shares were not exercisable.
On 17 August 2022 the Company confirmed that one of the Founders, Crow Rock Capital Limited, the holder of 787,032 A Ordinary Shares, had withdrawn its claim against Malin in those proceedings and surrendered its A Ordinary Shares to the Company.
The Company now confirms that the Company and the remaining Founders have compromised the proceedings, which will be struck out with no order as to costs. The remaining Founders will surrender all of their A Ordinary Shares to the Company, for nil consideration.
On 20 June 2022, the Company announced that defamation proceedings were issued on behalf of Kelly Martin and Sean Murphy against the Company, the Company's Chair, Liam Daniel and the Company's CEO, Darragh Lyons. The Company now confirms that Kelly Martin and Sean Murphy have agreed to discontinue those proceedings.
In consideration of the above agreements, which are in the interests of the Company's shareholders, the Company has agreed to make a €1m contribution towards the remaining Founders' costs.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. For more information visit www.malinplc.com
For further information contact:
Malin
Fiona Dunlevy, Company Secretary
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Listing Sponsor & Joint Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Phil Walker / Ben Cryer
Tel: +44 (0) 20 3100 2000
Powerscourt (Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
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