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LONDON - Big Technologies (LON:BIGB) plc (AIM: BIG), a company specializing in remote people monitoring technology, has announced the immediate dismissal of its CEO, Sara Murray, and the initiation of legal proceedings against her and associated entities. The company, following an internal investigation with legal counsel, has accused Murray of undisclosed interests in entities holding a significant portion of the company’s shares and of providing false information during the company’s initial public offering and subsequent litigation.
The entities in question, which include Zinc Limited, Monitoring Partners Limited, RCP Limited, and Romelle Limited, collectively held around 17.7% of Big Technologies’ issued share capital at the time of its AIM admission on July 28, 2021. This stake has since decreased to approximately 17.3%. Murray is also accused of improperly diverting funds from the company and its group members, primarily Buddi Limited before 2019.
Big Technologies has further stated that Murray has not provided a substantive response to the company’s inquiries regarding these matters. Additionally, she directly holds about 26.8% of the company’s current issued share capital.
The fallout from these events has led to a delay in the publication of the company’s preliminary results and audited financial statements for the year ended December 31, 2024. The delay is due to the need for a thorough review of potential contingencies and legal provisions related to the post-balance sheet events connected to Murray’s actions. The company is working with its auditors, Crowe, to finalize the audited results, aiming for a release by mid-June 2025 at the latest.
Despite these issues, the Board anticipates that the underlying performance for the year ended December 31, 2024, will align with previous guidance and market expectations. In terms of financial health, unaudited monthly revenue for February 2025 was reported at £4.2 million, with cash at bank standing at £101.1 million as of February 28, 2025.
Big Technologies plans to make further announcements as the situation evolves. The information in this article is based on a press release statement from Big Technologies plc.
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