Claim sees Imjack shares suspended

SHARES in Imjack have been suspended after the school software group was hit with a court claim from its former nominated adviser.
By The Newsroom
Published 16th Dec 2010, 12:46 BST
Updated 16th Dec 2010, 12:46 BST

The Leeds-based company, formerly known as Amteus, suffered another blow earlier this year when the coalition Government withdrew matched funding.

Yesterday the company said it requested a temporary suspension of its shares on the Alternative Investment Market "due to the resulting financial uncertainty of the company".

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Imjack said it has received a court order for a claim made by Strand Hanson Ltd for 62,801, plus expenses of 25,000, payable within 14 days. It said the share suspension is "pending resolution of the company's immediate working capital position and the outcome of certain business developments which the company is currently pursuing".

Imjack is being propped up with loans from its directors and other parties. Earlier this month interim chief executive Jeffrey Morris lent 30,000 to keep it trading. It also received a 50,000 loan from an unnamed third party.

In November, Mr Morris's wife, Debra, lent 50,000 to support its "immediate working capital needs".

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