IPT Holdings, now a separate entity to Interactive Prospect Targeting after the latter was sold to investment company Volvere in September 2008, has been trying to restructure its operations by selling its UK business since last September, after months of disappointing trading triggered by the credit crunch and email deliverability issues.
As part of its restructure plan, IPT Holdings had been negotiating with the original sellers of NP6, to meet any earn-out obligations. Back in 2007 IPT had agreed to pay up to £7m for NP6, nearly €5m of which was dependent on NP6's financial performance.
But negotiations have so far failed and now the sellers of NP6 are taking legal action in France against NP6's intermediate holding company, Direct Excellence.
"Given this uncertainty, the board has requested a suspension of trading of the Company's shares on AIM pending the clarification of the company's financial position," IPT Holdings said in a statement.
IPT Holdings also pointed out that the vendors' claim is against Direct Excellence and the trading of the French subsidiaries is not affected by the litigation.
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