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Turbotec Products
- BY: Andrew Hore |
- POSTED: 10/05/2010 |
Turbotec Products has successfully defended itself against a claim by former majority shareholder Thermodynetics Inc and the US-based heat exchanger tubing and components manufacturer has been awarded costs.
Thermodynetics wanted to be paid a dividend as well as an administration fee in the year to March 2007. Turbotec said that the administration fee covered the money owed to Thermodynetics in that financial year. The judge agreed that the agreement in the flotation prospectus set out that Thermodynetics was entitled to either the administration fee or dividends for a particular year, but not both.
Turbotec has been awarded “substantial costs” and Thermodynetics has to pay £350,000 on account in the next two weeks.
At 31.5p a share, up 3p on the day, Turbotec is valued at £4.23m.
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