Gama Aviation PLC flies lower as it confirms it is facing multi-million pound lawsuit


Shares in PLC () were flying low today after it confirmed press reports over the weekend that it is being sued for millions of pounds.


The private jet management group said today that Dustin Dryden, who merged his Hangar8 business with Gama back in 2014, was seeking £6.1mln for a “host of allegations”, including failure to provide goods.


It told the Sunday Times that the allegations were “baseless” and would therefore have no material impact on the firm.


The various claims and counter claims have been rattling away in the background for the best of a year, Gama said, but it hadn’t decided to inform the market until today.


A hearing is scheduled for January, but some investors weren’t willing to wait any longer to find out the verdict. Shares are down 8.1% to 232p.


All is not lost for Jersey at Verbier


After seeing its share price sink last week, () was back on the up today after revealing that all is not lost at its Verbier exploration.


Last Monday, Jersey said that Verbier’s main target was unsuccessful, with the reservoir found to be water bearing.


That seemed to be the end of the matter, but today it has confirmed that a side-track is being drilled to test another target at the recommendation of its partner, Statoil.


With the possibility that the junior oiler and its not-so-junior partner could still yet be on to a winner, investors ploughed back in, sending the shares surging by 39% to 92.5p.

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