Dispute regarding Empire’s obligation to reimburse Vital
MKTUPDTE
Mon, Mar 24 2025 02:14 pm
24 March 2025
Dispute regarding Empire’s obligation to reimburse Vital
On 3 December 2024, Vital advised that Empire Technology Limited (Empire) had commenced proceedings in the High Court relating to the takeover proposal that Empire announced but did not proceed with. On 14 March 2025, the Takeovers Panel made a determination and issued an order regarding the takeover expenses that were incurred by Vital in response to Empire Technology Limited’s (Empire) takeover proposals, concluding that Vital is entitled to be reimbursed for the full invoiced amount of $247,036, and has ordered that Empire pay that amount to Vital.
Empire has today lodged an appeal with the High Court and has indicated it will file an amended Statement of Claim on the proceedings and the Takeovers Panel decision.
John McMahon
Vital Chair
For media enquiries please contact:
Richard Llewellyn on [email protected] or 027 5232362
ENDS
Announcement PDF
Markets News
Markets
Market Close
NZ sharemarket up over 1.4% for week
The S&P/NZX 50 Index closed at 12,287.46, down 18.33 points or 0.15%.
Markets
Free
Winton ordered to pay Chris Meehan’s former assistant $100k
The ERA’s determination stated that Winton had no regard for NZ employment law.
