Datapulse Technology enters into settlement with three former directors

Technology has entered into a settlement with three of its former directors in full and final settlement of their claims in a law suit.

Under the settlement, the former directors have agreed to file and serve a notice of discontinuance of the suit within seven days after receipt of payment of the agreed sum. Datapulse added:"The company will not have any further liabilities to the former directors in respect of their claims in the suit after the settlement, and the suit will be discontinued once the notice of discontinuance is filed in Court. For the avoidance of doubt, the company made no admission of liability whatsoever pursuant to the settlement."

The settlement is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of the group for the financial year ending July 31, 2019 as the company had made the relevant provision in relation to their claims in the previous financial year. The provision exceeds the agreed sum.

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