The High Court has entered judgment for £80,000 (€101,579) against Badsey Limited, with a registered office at Leeson Park, Dublin. Mr Justice Butler put a stay on his order for judgment in the event of an appeal.

The sum was sought by Igote Limited, of Oakwood, Tivoli Road, Dun Laoghaire, Co Dublin, under a share subscription agreement of July 27th, 1991, said to have been agreed between Igote and Baggrave Ltd on the one side and Badsey on the other.

Under that agreement, Igote claimed it had been agreed that Badsey would distribute to Igote a minimum sum of £40,000 each year it operated. It claimed Badsey had paid that sum, or a portion of it, from the inception of the agreement up to the year ending March 31st, 1996, but had failed to pay since then.

Igote claimed it had demanded the sums but Badsey had failed to pay. It took proceedings against Badsey, which denied that £80,000 was owed.

In his reserved judgment on the application yesterday, Mr Justice Butler found the wording of the agreement created an obligation to pay at least £40,000 in respect of each full financial year, an obligation not qualified by anything else contained in the agreement.

Mr Lyndon MacCann, for Badsey, said he had instructions to appeal the decision.