GSTechnologies Limited (LSE:GST) saw a bit more than a relief-rally, as its shares surged 27.1% to 0.4449p, after the court dismissed two stay applications against its majority-owned Semnet subsidiary.
The company, in a statement, said applications-SUM 1210 (filed by the Semnet sellers) and SUM 1211 (filed by Chong Hoi Yan, a former Semnet employee) were dismissed in their entirety, and the court awarded Semnet S$18,000 in costs.
A hearing to give the defence a direction is scheduled for 4 June, and the deadline to file a notice of appeal is 9 June.
The GST Board said it remains committed to protecting shareholders' interests and will announce further updates as appropriate.
