5 June 2025
Big Technologies plc
("Big Technologies" or "the Company", together with its subsidiaries the "Group")
Litigation Update
On 22 May 2025, the Group announced that its former Chief Executive Officer, Sara Murray, had provided an undertaking to the High Court agreeing not to dissipate her assets up to £320 million. This followed the Company's issuance of legal proceedings (the "Claim") and application for a freezing order against both Sara Murray and certain associated entities. Subsequent to that announcement, on 4 June 2025, Sara Murray, together with two English companies associated with her (being TFM Developments Limited and TFM Inventions Limited, two of the defendants in the Claim), have provided a further undertaking to the High Court, in replacement of the above interim undertaking, again agreeing not to dissipate assets up to £320 million, being the value of the Claim. With the Company's agreement, the new undertaking is subject to certain limited exceptions which permit Sara Murray to deal with a specified number of her assets in order to pay agreed legal, living and other expenses.
Separately, an undertaking has also been provided on the same date by or on behalf of Zinc Limited, Romelle Limited, RCP Limited and Monitoring Partners Limited (each being a further defendant in the Claim) (together, the "Disputed Companies") to the High Court not to dissipate their assets up to £64 million, £48.5 million, £79 million and £78.5 million, respectively (subject to certain limited exceptions, as agreed to by the Company).
The Disputed Companies, as well as FNB International Trustees Limited (in its capacity as trustee of the Murray Trust), have also each agreed to provide an undertaking to the Guernsey Court not to dissipate assets up to £150 million (again, with the Company's agreement, subject to certain limited exceptions).
Each of the above undertakings shall last until final determination of the Claim, or further order of the court in the meantime. The deadline for the defendants to file defences in respect of the Claim is 25 June 2025.
The Company will provide further updates as appropriate.
For further information please contact:
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| Big Technologies plc | +44 (0) 19 2360 1910 | ||
| Alexander Brennan (Chairman) |
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| Ian Johnson (Chief Executive Officer) |
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| Zeus (Nominated Adviser and Joint Broker) | +44 (0) 203 829 5000 | ||
| Dan Bate / Kieran Russell (Investment Banking) |
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| Benjamin Robertson (Equity Capital Markets) | | ||
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| Singer Capital Markets (Joint Broker) | +44 (0) 207 496 3000 | ||
| James Moat / James Todd (Investment Banking) | | ||
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