The founder and former CEO of Big Technologies has been accused of failing to disclose her interests in a number of the firm’s major shareholders.
Sarah Murray, who was sacked earlier this week, is understood to have undisclosed interests in or relationships with Zinc Limited, Monitoring Partners Limited, RCP Limited and Romelle Limited who together control a shareholding of 17.3%. Her relationship with these firms is understood to date as far back as the company’s IPO in 2021.
Murray, 56, already directly owned shares in Big Technologies representing 26.8%, bringing her total interests in the firm to 44.1% and thereby crossing the threshold for a mandatory offer to be made for the whole company under the rules of the takeover code.
Murray “provided untrue information to the Company and its lawyers… in relation to her interests in, and relationship with the relevant entities,” Big Technologies said, adding that she had “improperly diverted or extracted significant sums of money from the Company and/or members of its Group… to herself or persons connected with her.”
Big Technologies said it had begun legal proceedings against Murray.
The revelations represent the latest setback for Big Technologies, owner of Buddi, which has seen its shares lose around half their value since the start of the year.
The firm said the discovery will also lead to the delay of its annual report, as it seeks to incorporate the impact on the finding on its financial position.
Big Technologies said it expects the underlying performance of the company for 2024 to be in line with previous guidance and market expectations.
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