Chill Brands reaches out-of-court settlement with former directors
Chill Brands Group Plc
€0.02
05:55 19/12/24
Packaged goods distributor Chill Brands has reached an out-of-court settlement with two former directors who transferred the domain registration from the company to themselves without board authorisation back in May.
Chill Brands said former chief commercial officer Antonio Russo and chief operating officer Trevor Taylor will retain payments received before a general meeting in June 2024. However, the Chill.com domain and related trademarks were now under the company's ownership and management.
The London-based group stated the resolution had brought the matter to a close, avoiding further expenditure on protracted US litigation and allowing it to focus its resources on its core operations and future growth.
Chief executive Callum Sommerton said: "We are very pleased to have reached a settlement with the company's former directors that allows us to move on and prioritise delivering value for shareholders. This is an important milestone for the company and for Chill.com, which is a key pillar of the strategy to build our brand."
As of 0840 GMT, Chill Brands shares were untraded at 2.15p each.
Reporting by Iain Gilbert at Sharecast.com