Semantic Software Overturns Court Judgement in Landmark Appeal.

In 2015 two of our Shareholders sued our small start-up company, Semantic Software Asia Pacific Limited, “SSAP”. The Shareholders were the superannuation funds of a husband and wife, Simon and Terri Vinson, now divorced. In 2012 Simon Vinson invested $1.25 million in SSAP through his superannuation fund and persuaded Terri Vinson to invest $312,500 through her superannuation fund in 2012 and 2013. In March and May 2014, Simon invested a further $290,000.

After making the initial investments, in early 2013 Terri Vinson requested that Simon Vinson be given a senior role in the Company. Simon was an accountant and property developer, which was not a full-time role, and Terri Vinson felt that an executive role in SSAP would be a suitable role for him and a recognition of their investment. SSAP offered Simon Vinson a Board Adviser role in order to assess his suitability for a Directorship. In mid-2013 the Board decided not to offer Simon a Directorship. Simon appeared relaxed about it but that was not the case with Terri. At a subsequent Annual General Meeting, Terri Vinson made it clear that she was very angry that Simon was not given a substantial role or Board Directorship.

Notwithstanding Terri’s anger, Simon Vinson continued to support SSAP by raising capital for the Company from his friends and business associates from 2012 to early 2014. In late 2014 the relationship with Simon broke down and in early 2015 Simon and Terri Vinson, via their Superannuation Funds, sued both SSAP…