Life science investment company Malin Corporation said today that a legal dispute involving the firm's founders over the conversion of shares has been resolved.
Last October High Court proceedings were initiated against the company by its founders over 2.8 million A Ordinary shares in the company.
The founders claimed an entitlement to the conversion of their A Ordinary Shares into Ordinary Shares.
Malin had rejected the claim on the basis that no change of control had occurred and the conversion rights carried by A Ordinary Shares were not exercisable.
In August the company said one of the founders, Crow Rock Capital Limited, had withdrawn its claim against it and surrendered its A Ordinary Shares to the company.
In a statement this morning, the company confirmed that it has reached a compromise with the remaining founders and the High Court proceedings will be struck out with no order on costs.
"The remaining founders will surrender all of their A Ordinary Shares to the company, for nil consideration," it added.
In June, Malin also revealed that defamation proceedings were issued on behalf of founders Kelly Martin and Sean Murphy against the company, its chair Liam Daniel and its CEO Darragh Lyons.
"The company now confirms that Kelly Martin and Sean Murphy have agreed to discontinue those proceedings," it said in the statement today.
"In consideration of the above agreements, which are in the interests of the company's shareholders, the company has agreed to make a €1m contribution towards the remaining Founders' costs," it added.
Malin invests in highly innovative life sciences companies.
