Shares digital

Private investors of failed software company SmartLogik can now chat freely on a new bulletin board. The board has just been set up by the SmartLogik Action Group and hopes to bring together thousands of private investors burnt by the company’s collapse.

In 2002, the FSA granted the directors of main-board quoted SmartLogik a waiver to sell the company’s assets – which included intellectual property rights for an information retrieval programme – to Applied Psychology Research without first getting approval at an EGM.

However, the City watchdog has refused a request from the SmartLogik Action Group to see submissions from SmartLogik and minutes of meetings about the waiver. The group believes the minutes will include a valuation showing the £1.8 million that Applied paid for the assets was too low and gives them the basis to launch a compensation claim. To join the bulletin board go to: http://slk-action-group.com/members/