LONDON (ShareCast) - (Sharecast News) - Big Technologies said in an update on Thursday that it has referred the circumstances surrounding the recent dismissal of founder and former chief executive officer Sara Murray to the Takeover Panel, citing potential breaches of the City Code on Takeovers and Mergers.
The AIM-traded company reiterated concerns first disclosed in announcements on 21 and 31 March, confirming that Murray had or previously had undisclosed interests in, or relationships with, four entities - Zinc Limited, Monitoring Partners, RCP and Romelle - that together held around 17.7% of Big Technologies' issued share capital at the time of its initial public offering in July 2021.

It said the entities were understood to still hold approximately 17.3% of the company's shares.

The board said Murray failed to disclose her connection to the entities during the company's admission to AIM.

Separately, Murray held around 25.3% of the company's shares at the time of listing and was presumed to be acting in concert with her sister, Judith Murray, who held an additional 0.21%.

Sara Murray had since increased her personal holding to about 26.8%, Big Technologies said.

The company said the matter could engage Rule 9 of the City Code, which may require a mandatory offer to be made to shareholders if a person, along with parties acting in concert, increased their shareholding above certain thresholds.

It said it would provide further updates as appropriate.

At 1002 BST, shares in Big Technologies were down 0.95% at 71.12p.

Reporting by Josh White for Sharecast.com.

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