Welcome to SmartLogik Action Group.
In April 2002, tens of thousands of shareholders became disenfranchised when a waiver was arranged with the London Stock Exchange. Hoare Govett facilitated this so called waiver with the LSE. It enabled the board of directors of SmartLogik PLC - a new board that had only been in place for 9 months - to sell the valuable core assets of the company without shareholder approval.
Normally an Extraordinary General Meeting (EGM) is held to ask the shareholders of a company for approval before such a serious step is taken. Instead, they arranged this highly contentious waiver to avoid facing the shareholders at an EGM, thereby brushing aside the voting rights of the thousands of people who collectively owned the company. As a result, the core assets were transferred without shareholder approval to a new management team at a significant undervalue. They now trade as Smartlogic.
SmartLogik Action Group was formed by the shareholders to make our voices heard and fight for the recovery of the lost shareholders’ funds. To this day, not a single penny has been returned to the shareholders of SmartLogik PLC, who are the original owners of the SmartLogik technology assets.