LONDON - Global Connectivity PLC (AQSE: GCON), a key player in communication services and technology, is addressing an outstanding debt issue with a former consultant, Mr. Barry Hersh. The company disclosed today that Mr. Hersh has not settled his £375,000 debt for 37,500,000 Ordinary Shares, which was due on January 1, 2025.
In response to the overdue payment, Global Connectivity has exercised its lien on 18,662,500 shares directly held by Mr. Hersh, equivalent to 5.67% of the company's reduced share capital. This action prevents Mr. Hersh from trading these shares until the debt is paid. The company is currently exploring further steps regarding the unpaid shares and will inform the market of any developments.
The situation with Mr. Hersh's unpaid share capital was first announced on December 18, 2024, with a subsequent update on December 31, 2024. The recent exercise of the lien reflects the company's efforts to manage its financial and legal interests.
As the situation unfolds, Global Connectivity's directors have taken responsibility for the announcement's content, which contains inside information as defined by the Market Abuse Regulations (EU) No 596/2014, now part of UK law.
The company, which holds stakes in UK broadband provider Voneus Limited through its investment in Rural Broadband Solutions Holdings Limited and in PLUG Group Limited, is considering its next steps in this matter and is committed to keeping its shareholders and the market informed.
This news follows the company's strategic focus on enhancing connectivity solutions and its investment in communication technologies. The resolution of the unpaid debt is crucial for maintaining the integrity of Global Connectivity's financial operations.
The information provided in this article is based on a press release statement from Global Connectivity PLC.
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