A dispute in the HIGH Court over how much a minority shareholder and website designer for online insurance broker, Quote Devil Ltd, was paid for most of his stake in the company has been settled.
ranics Nesbitt claimed a €420,000 payment he received two years ago was too low and he was actually entitled to €2.2 million, the commercial court heard.
He sued Quote Devil’s 71 per cent shareholder, John Richard McGuire, board member and 12.9 per cent shareholder Graham Weir, the original brokerage firm of these two men, Pembroke Insurances, and a company called Daventry Commercial Ltd, which is controlled by Mr McGuire .
He also sued Quote Devil itself and a number of other minority shareholders, against whom no appeal was sought but who had been consolidated as defendants due to the potential impact on Quote Devil’s share register.
The defendants denied Mr Nesbitt’s mussels. John McGuire said his claims were false and an attempt to extract additional money to which Mr Nesbitt had no legal right.
In doing so, Mr McGuire said, he made “a series of scandalous and utterly untrue allegations”.
Mr Nesbitt had claimed he was forced to sell 8 per cent of his 10 per cent stake at undervalue due to “economic and emotional hardship” after failing to obtain a loan from Mr McGuire to meet his obligations.
Earlier this year, Quote Devil was sold to Chill Insurance and Three Rock Subco Ltd for more than €30m.
Mr Nesbit asked the court to pay €2.2 million for the stake he sold two years ago.
As part of his trial, he also sought an injunction to stop Quote Devil from selling assets under $2.2 million.
That restraining order was due to be heard before Mr Judge Mark Sanfey on Tuesday when Martin Hayden SC with Eoin O’Shea BL told the judge that not just the restraining order but the entire case had been settled after talks.
Mr. Hayden asked that the matter be dealt with later this month to implement the settlement. He said it “will not trouble the court”.
The judge said it was very satisfying and “well done for everyone involved”.
https://www.independent.ie/business/irish/dispute-over-price-paid-for-quote-devil-share-acquisition-settled-41835617.html Dispute settled over price paid for Quote Devil stock purchase