8th of October 2012 Author: Glo Wood
Two RNS anouncements were made by real time mobile application company WorldLink Plc last week that not only the stakeholders will find concerning.
The first announcement tackles the termination of a contract of chief marketing officer Stephen Pearson and Sports Media Gaming (SMG) based on non-performance. After SMG launched proceedings against WorldLink, a notice of winding-up of WorldLink was published in the London Gazette. WorldLink then stated it is defending the winding-up petition and will counterclaim on non-performance issues and damages for breach of professional confidentiality.
As for the second RNS announcement it concerns the termination of an agreement with Across The Line Limited (ATLL), based on which ATLL would acquire 51 percent of WorldLink's wholly owned subsidiary WorldLink Sport Limited in return for a required amount of funding. WorldLink apparently terminated the agreement on the grounds of non-delivery of the agreed funding.
In addition to the announcements, recent developments in the company include involvement in High Court action regarding a reverse takeover agreement with AIM-listed company ParOS, in which case WorldLink backed away from the agreement. The High Court ordered WorldLink to pay GBP 150 000 for the break fee and GBP 4 in nominal damages, dismissing the rest of the claim.
Many new events also happened in June 2012, when the Worldlink Group went to High Court to face City Index in a patent infringement suit which City Index denied and counterclaimed that the patent be revoked. Also in June, the UK Financial Services Authority temporarily suspended WorldLink from trading on the London Stock Exchange on request from the company which at the time failed to publish its Annual Financial Report for the financial period ended February 2012.
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