Ashley Services settles legal action Ashley Services Group has...

Ashley Services settles legal action

Ashley Services Group has reached an agreement to settle its action against training business Integracom.
Ashley Services agreed to acquire Integracom as part of its float in August 2014, but the relationship turned sour, with shareholders threatening a class action and alleging the prospectus failed to take account of government funding changes that resulted in Integracom "severely underperform[ing]".
Under the agreement reached between the parties, Integracom will forfeit 6,024,096 ASH shares (worth a total of $1.14m at today's share price of 19 cents), as a return of part of the purchase price.
The deal will be put to shareholders at the company's November AGM.