TeamTalk faces court action
TeamTalk is facing High Court action from Tim Martin, a minority shareholder and former employee and director of wireless provider Araneo which TeamTalk first bought into in 2006 and took control of in 2007.
TeamTalk said in a statement to the NZX there were a number of elements to the claim, but they centred on allegations that TeamTalk had sought to transfer value to itself from the subsidiary.
It is understood Martin is seeking to be reappointed as a director of Araneo, after resigning as a director in 2009.
"With the alleged infringements going back as far as 2007 this is not the first time he has made these sorts of claims against us. Having sought legal advice on the matter we consider the claims totally without merit," TeamTalk managing director David Ware said the statement.
Ware said his reaction to the claim was "whatever".
Martin holds just under a 4 per cent stake in Araneo, the remainder of which is now owned by TeamTalk.