10/09/2012 : WHAT'S HAPPENING AT WORLDLINK PLC?
Court action and termination of contracts
Real time mobile application company WorldLink Plc released two RNS announcements last week that will be sure to unsettle stakeholders.
The first concerns an announcement of the termination of a contract signed in June 2012 based on non-performance of chief marketing officer Stephen Pearson and Sports Media Gaming (SMG).
Proceedings were subsequently issued against WorldLink by SMG which have culminated in the publication of a notice of winding-up of WorldLink in the London Gazette. WorldLink said it is defending the winding-up petition and will counterclaim on non-performance issues and damages for breach of professional confidentiality.
The second RNS announcement involves the termination of an agreement signed in July 2012 with Across The Line Limited (ATLL) that would have seen ATLL acquire 51 percent of WorldLink's wholly owned subsidiary WorldLink Sport Limited in return for a required amount of funding. The agreement was reportedly terminated by WorldLink for non-delivery of the agreed funding.
The company was recently embroiled in High Court action regarding a reverse takeover agreement with AIM-listed company ParOS. WorldLink backed away from the agreement and the High Court, in a breach of exclusivity claim laid by ParOS for GBP 720 000, ordered WorldLink to pay GBP 150 000 for the break fee, GBP 4 in nominal damages, and dismissed the rest of the claim.
In June of this year, the Worldlink Group found itself in High Court proceedings against City Index in a patent infringement suit. City Index denied infringement and counterclaimed that the patent be revoked.
The UK Financial Services Authority temporarily suspended WorldLink from trading on the London Stock Exchange at the end of June 2012 on request from the company following notification of failure to publish its Annual Financial Report for the financial period ended February 2012.
WorldLink has signed a number of deals with UK Premiership football clubs in recent months for the provision and management of betting operations.