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3.2¢ morella corporation limited

Ann: Response to Civmec Legal Action, page-55

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instructmba

890 Posts.

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20/07/20

14:25

Post #: 45982825
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Originally posted by Born2run: ↑

For the same reason I am not sure why AJM listed it as a potential liability, I am also not sure why CVL did not list it on their financial statements either.

I repeat. I am not an accountant.

Putting accounting treatment aside - looking at it purely from a construction contract law and my own personal experience, I think it is highly likely that there is something in there for CVL.

I am surprised that they are prepared to go to court over such a small amount. It is possible that CVL's late Friday afternoon ASX announcement is a "shot across AJM's bow", with no intention to really go to court, but "embarrass" AJM publicly and force them to settle the claim outside of court.

For what it is worth, CVL's latest fin statements indicate FY YTD revenue of ~$262mill, with NPAT of ~$12mill. Not a big company by any stretch of the imagination, but with a reasonable amount of debt in the form of borrowings - ~$100mill. Hence they will chase every penny possible.

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Me too about a shot across the bow, but not clear why CVL would burn bridges...Im certain now of one sure bet that CVL ain't getting any part of Stage Two. CVL also shot themselves in the foot for any future mining business in WA. ACB is telling all his friends for certain. JMHO

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AJM Price at posting: 6.0¢ Sentiment: Buy Disclosure: Held
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