KB-2023-003510 - [2025] EWHC 1755 (KB)
King's / Queen's Bench Division of the High Court

KB-2023-003510 - [2025] EWHC 1755 (KB)

Fecha: 11-Jul-2025

The announcement that was made is in these terms

14.

The announcement that was made is in these terms:

“Following a formal meeting of the board held yesterday (14 September 2017) the directors of the company have resolved that because of a loss of confidence in him by the senior executive team, Mr Mark Dowding’s contract of employment with the group has been terminated and he has ceased to be a director of the group and company secretary, all with immediate effect.”

15.

That announcement goes on to say that Mr Shah is going to take over the responsibilities of Group Finance Director, and that the change did not reflect any circumstances relating to the trading of the group or its finances.

16.

In my judgment, it is absolutely clear that the company was entitled to make such an announcement and, indeed, in the circumstances, was required to do so, including saying that Mr Dowding had been dismissed. That is what the AIM rules require. It seems to me quite unreal to suggest that a bald statement of dismissal is all that the company was entitled to notify under the AIM rules and also to suggest that using the language “loss of confidence” was in some way more harmful to Mr Dowding than a more detailed announcement that the company could have made in other terms, all of which would have been accurate, and in respect of which he, in my judgment, would have had no complaint, and would have caused him as much reputational harm and harm of all the other sorts that he complains about as this announcement did.