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iCollege tops the ASX Leading % Fallers in morning trade

iCollege has said that it disputes the legal claims against it in full
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Top 10 ASX % Fallers in morning trade

iCollege Ltd (ASX:ICT) shares have tumbled 53% this morning to A$0.007, after the company revealed legal proceedings have been commenced against it and the Management Institute of Australia Group of Companies in the Supreme Court of New South Wales.

The plaintiff, Walker Enterprises is alleging a breach by iCollege Ltd and MIA of the share sale agreement between those parties dated 16 March 2015.

Walker is alleging an entitlement to payment of up to $9mln plus interest, which it alleges to be owed to it pursuant to the agreement.

Walker is the former director and shareholder of MIA.

iCollege disputes Walker’s claims in full and will be fully defending the proceedings.

Company Name Code Last Change Volume
iCollege Ltd ICT $0.007 -53.33 361,013
Admiralty Resources Ltd ADY $0.006 -33.33 668,696
Metals Australia Ltd MLS $0.003 -25.00 183,600
Australian Agricultural Projects Ltd AAP $0.025 -21.88 792,196
Etherstack PLC ESK $0.215 -20.37 20,000
Eve Investments Ltd EVE $0.004 -20.00 56,116
Memphasys Ltd MEM $0.004 -20.00 533,000
Alage Tec Ltd AEB $0.041 -19.61 80,000
Dawine Ltd DW8 $0.010 -16.67 739,442
Traditional Therapy Clinics Ltd TTC $0.300 -16.67 73,333

 

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