The company behind the Topaz fuel and convenience store chain has effectively settled its legal action against a Dublin-registered company over alleged failure to pay €4.7m to complete a share purchase agreement, the commercial court has heard.
The case has settled subject to a payment being made and could be adjourned on consent for mention in two weeks to facilitate that, Rossa Fanning SC, for Kendrick Investments, told Mr Justice Brain McGovern yesterday.
A hearing date could also be vacated, counsel added. The judge made those orders.
In its action, Kendrick, an Isle of Man-registered company which holds 99% of Topaz Energy Group Ltd (TEGL), claimed Circle K Holding Ireland Ltd had made a €1.8m payment as part of the overall €7m share purchase agreement but failed to pay the balance of €4.7m.
Kendrick sought judgement against Circle K for that sum.
In an affidavit previously before the court, Kendrick director Dermot Hayes said, under the December 2015 agreement involving his firm and certain covenantors, Kendrick agreed to sell its shares in TEGL to 9121-2738 Quebec Inc.
Under an assignment of rights mechanism between Kendrick, businessmen Denis O’Brien, Emmet O’Neill and Sean Corkery, Circle K Holding Ireland, Circle K IOM Ltd and 9121-2738 Quebec Inc, it was agreed Circle K Ireland would assume the rights, benefits, obligations and liabilities of the Quebec company under the share purchase agreement, he said.
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