Winkworth chair agrees to board change restrictions amid court case
M Winkworth PLC on Wednesday said Non-Executive Chair Simon Agace has agreed to restrictions on changing the company's board as legal proceedings between the parties continue.
Winkworth launched the High Court of Justice, Business & Property Courts of England & Wales proceedings against Agace on August 6, to alleged breaches of confidentiality, certain provisions of M Winkworth and Agace's 2009 relationship agreement, and his associated duties as a director under the Companies Act 2006.
City AM later reported Agace's alleged breach of contract involved a plan between him and his wife, Irene Ho Kim Lee, to remove the current board.
Today, Winkworth have said Agace has agreed not to remove or appoint directors, or encourage others to do so, before September 10 and must give seven days' written notice of any proposed changes.
The company and Agace have agreed a consent order, approved by the court, under which Winkworth's application for interim injunctive relief has been adjourned to October 5.
Winkworth stressed that the court has made no determination on the allegations against Agace or its application.
The company said it and Agace are continuing discussions to resolve the dispute, adding that its business continues to operate as usual.
Shares in M Winkworth were up 5.9%% at 180.00 pence per share on Wednesday afternoon in London.
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