Structural Monitoring Systems Updates on Court Ruling and Board Changes
Structural Monitoring Systems Plc (ASX: SMN) has provided an update on ongoing Federal Court proceedings, confirming that the Court has declined to grant an injunctive order sought by former director Ross Love and associated entity Turton House Group Pty Ltd. As a result, a temporary injunction previously in place has been lifted, enabling the Company to take further action. Following the Court’s decision, SMS resolved to remove Mr Love as a director and terminate the executive services arrangement with Turton House Group. The Court also ordered Mr Love and Turton House Group to pay SMS’s legal costs associated with the injunction application.
The proceedings stem from a formal complaint raised at SMS’s Canadian subsidiary, Anodyne Electronics Manufacturing Corporation. An independent investigation conducted by a specialist third party substantiated most allegations. The Board maintains it acted in line with its statutory and fiduciary duties throughout the process. While the injunction matter has concluded, other claims remain before the Court, which SMS continues to deny and will defend vigorously.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
x
Daily Dose of Buy, Sell & Hold recommendations before the market opens.
Start Your 7 Days Free Trial Now!
We use cookies to help us improve, promote, and protect our services. By continuing to use this site, we assume you consent to this. Read our Privacy Policy and Terms & Conditions
Structural Monitoring Systems Updates on Court Ruling and Board Changes
Structural Monitoring Systems Plc (ASX: SMN) has provided an update on ongoing Federal Court proceedings, confirming that the Court has declined to grant an injunctive order sought by former director Ross Love and associated entity Turton House Group Pty Ltd. As a result, a temporary injunction previously in place has been lifted, enabling the Company to take further action. Following the Court’s decision, SMS resolved to remove Mr Love as a director and terminate the executive services arrangement with Turton House Group. The Court also ordered Mr Love and Turton House Group to pay SMS’s legal costs associated with the injunction application.
The proceedings stem from a formal complaint raised at SMS’s Canadian subsidiary, Anodyne Electronics Manufacturing Corporation. An independent investigation conducted by a specialist third party substantiated most allegations. The Board maintains it acted in line with its statutory and fiduciary duties throughout the process. While the injunction matter has concluded, other claims remain before the Court, which SMS continues to deny and will defend vigorously.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au