Editor’s Note: Article has been amended to address factual errors surrounding the actual company involved in the lawsuit.

Former CEO of Dequity Capital Fund Managers, Adrian Smith, is awaiting the trial of his lawsuit against the company, two years after his claim was filed in the Supreme Court.

Smith filed the claim in the Commercial Division of the Supreme Court seeking damages relating to an alleged breach of his employment contract, undue influence, and coercion/duress. In the filing, Smith claims that despite signing a three-year contract, he was instructed in his second year to sign a new employment contract or face termination.

“The claimant was employed to the defendant (Dequity Capital Fund Managers Limited) on a three-year fixed-term contract in writing dated the 6^th of April 2021,” a section of the lawsuit read.

“Between January 15, 2023, to February 8, 2023, before the expiration of contract dated 6th April 2021, the claimant was coerced and/or compelled by the Defendant and/or its agents to execute a new contract of employment on the threat that he, the claimant, would be dismissed from his employment if he refused to sign. The Claimant never waived any of his rights acquired under his contract of employment dated 6^th of April 2021. The claimant was forced to resign by letter dated June 13, 2023 and claims he was constructively dismissed,” another section of the claim form outlined.

Smith is also seeking damages for unpaid bonuses detailed in the employment contract, including the receipt of shares in the company.

According to the claim, “In the contract, there is a term entitled ‘Five Per cent (5%) Restricted Stock Option in Dequity Capital Fund Managers Limited, which granted the claimant equity as part of his compensation package, which involved the claimant working for the company for a period of time until he became owner of shares…”

It further states that Smith should receive 2 per cent of shares after completing his first year as CEO, and an additional 0.375 per cent of shares on the last day of every successive three-month period thereafter, until the shares have vested over the three-year employment period.

However, Smith did not receive the bonuses promised in the over two years of his employment at Dequity Capital Fund Managers Limited. With his employment ending on July 6, 2023, the former CEO is seeking 4.375 per cent of shares in the company.

In addition to requesting the financial damages, Smith has asked the Supreme Court to declare that he was “constructively dismissed” and to recognise that a subsequent contract he signed on February 8, 2023, was due to coercion as “the defendant exerted undue influence on the claimant to sign said agreement”.

Smith, who is being represented by Clarke and Clayton Attorneys-at-Law, filed the suit on September 22, 2023.

Dequity Capital Management Limited seeking to raise capital

On Thursday, November 13, 2025, Dequity Capital Management Limited—which is managed by Dequity Capital Fund Managers—released its prospectus for an initial public offer (IPO) of 657,500,000 common shares. Of that amount, the Kadeen Mairs-led company is seeking to raise $394.5 million from the public at $1 per share, with a reserved pool of 263 million shares for the same price.

Dequity Capital Management Limited is in no way involved in the lawsuit. However, it listed the claim in its prospectus to ensure there was no confusion.

The IPO is scheduled to open on November 27, 2025, and close on December 18, 2025. VM Wealth Management Limited is lead broker and arranger of the IPO.

Based on the prospectus, funds raised from the IPO will be used to pay the related expenses and listing expenses, to settle debt, and to support working capital for investment purposes.