Dear Piere,UpdateWe are writing to provide you with a further update on the status of the Davis Class Action, following our previous update issued on 28 July 2020.You will recall that shortly after a settlement agreement was reached with Quintis in the Davis Class Action, the applicants in the Davis Class Action and the Excel Texel Class action jointly took steps to bring a separate proceeding against Quintis’ insurers, seeking orders that Quintis’ policy of insurance provided coverage up to $50m (instead of the $10m limit previously advised by Quintis).The hearings relating to that application have now concluded and his Honour Justice Lee has reserved his judgement (Insurance Judgment). His Honour has indicated he will endeavour to deliver the Insurance Judgment before the end of the year.At this stage, given the Insurance Judgment has yet to be received, the Davis Class Action has not been able to move forward in any significant manner since our last update. Relevantly, the settlement which had been agreed with Quintis cannot be considered by the Court until the Insurance Judgment has been delivered, given the potential effect on that settlement of different levels of insurance coverage. That issue will need to be resolved before the Davis Class Action can be substantively progressed against the remaining respondents, Ernst & Young and Frank Wilson.We will provide a further update to group members after the Insurance Judgment has been received.In the meantime, please feel free to contact us if you have any questions.Registration and Trade DataIf you have not already done so, you can formally register for the Davis Class Action via the following link.We also reiterate our previous request for all group members to provide us with their trade data (i.e. a record of all purchases and sales of Quintis shares during the period from 31 August 2015 and 15 May 2017, as well as copies of supporting documentation such as CHESS holding statements) to enable us to quantify the losses suffered by each group member, and the class as a whole. Thank you to those group members from whom we have already received this information.RegardsPiper Alderman
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
