Boxhill to update on 'without legal merit' winding-up petitions

Shares in Boxhill Technologies flew higher as investors warmed to the company's expectation that it will provide an update, by close of play on 8 July, on 'merit-less' winding-up petitions received earlier this year.

In early June, Boxhill said it had received the winding-up petitions purportedly issued under the Insolvency Act against itself and subsidiary Prize Provision Services Ltd.

The petitions were presented by Eupay Group Ltd, which previously supplied payment services to the group.

At the time, Boxhill said the petitions were "wholly without legal merit" and were liable to be struck-out as an abuse of legal process.

"The petitions have been presented by Eupay Group Ltd, a company that formerly supplied payment services to the group, and the board believe this to be an effort to avoid repaying balances due to the group of GBP225,235," Boxhill said in its June statement.

At 12:51 BST, shares in Boxhill were up 24.32% to 0.23p.