EHGO Confirms Resolution of Dispute With Iconic Labs
LUXEMBOURG--(BUSINESS WIRE)--Apr 16, 2021--
European High Growth Opportunities Securitization Fund (“EHGO”), an institutional investment company based in Luxembourg, has welcomed the appointment of new management and board members announced by Iconic Labs Plc (“Iconic”). EGHO confirms that its dispute with Iconic, which pre-dated the current management, has now been resolved and the legal proceedings by EHGO against Iconic have been concluded.
Iconic recently announced Brad Taylor as its new CEO. Mr Taylor was previously general counsel and member of the executive committee at Orco Property Group. Iconic had earlier announced that three new non-executive directors had also been appointed to its board. These are Brendan O’Mahony, a certified accountant and previous partner at EY’s business in Poland; Willem van der Meer, partner at Ott Ventures, the Cyprus-based arm of diversified European family office and investment company Ott Partners; and David Štybr, CEO of a Prague-based family office.
EHGO has also confirmed that it is willing to enter into discussions with Iconic about a finance facility of up to £50 million to support Iconic’s future growth plans.
In a statement, EHGO said: “We are delighted that this dispute with Iconic has now been resolved and that legal action is no longer necessary. We now look forward to working closely with the new management and board members of the company. We think this is the beginning of a new chapter at Iconic and that the company can now begin its recovery from a period in which its share price collapsed. We are also pleased that Iconic has brought on Brad Taylor as CEO, who has an impressive track record. We will seek to support the new team at Iconic and are willing to discuss providing Iconic with a finance facility of up to £50 million to support its future growth plans.”
Notes to editors
About European High Growth Opportunities Securitization Fund
European High Growth Opportunities Securitization Fund is an institutional investment company based in Luxembourg which focuses on financing innovative companies globally that are deemed to be significantly undervalued.
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PUB: 04/16/2021 09:22 AM/DISC: 04/16/2021 09:22 AM