Integumen contests shareholder demand for immediate payment of funds
Source - SMW
Cosmetics group Integumen said it would strongly contest a formal demand for funds from interests associated with former director Donald Nicholson.
Integumen had recently rejected a takeover bid for its skin care assets by Nicholson.
It had now received a formal demand for payment of certain amounts due -- and claimed to be due -- to Nicholson and his company Mercuriali for services provided to the company.
Mercuriali currently owned around 11% of Integumen.
Integumen acknowledged that it owed certain amounts to Nicholson and Mercuriali, but claimed he had previously agreed they wouldn't be due before 9 July 2019.
'In addition the formal notice seeks payment of debts owed by Integumen Inc, one of Integumen plc's subsidiaries, to third parties,' the company said.
'The company believes these demands for immediate payment are without merit, and it will strongly contest such claims if pursued.'
At 2:55pm: (LON:SKIN) Integumen Plc Ord 1p share price was 0p at 0.52p