ETM 0.00% 2.1¢ energy transition minerals ltd

court hearing, page-68

  1. 9,445 Posts.
    http://www.smh.com.au/business/greenland-to-clarify-claim-of-big-damages-bill-20091021-h96m.html

    Greenland to clarify claim of big damages bill

    MATHEW MURPHY
    October 22, 2009
    AUSTRALIAN-LISTED Greenland Minerals and Energy may face a damages bill potentially totalling ''millions of dollars'' after London's High Court found that an injunction over mining licences would remain in place only if the minority shareholders that Greenland Minerals is funding agree to cover costs of its joint-venture partner, Westrip.

    However, Greenland Minerals disputes claims that those costs could be in the millions as ''complete rubbish'', saying it does not consider the matter to be material.

    The company is expected to make a statement to shareholders as early as today following calls by BusinessDay.

    In a decision handed down on Friday, Justice Lewison found that a July injunction freezing 30 million Greenland Minerals shares held by Westrip be removed. But the judge ruled that licences regarding the Kvanefjeld rare earths interest in icy Greenland remained covered by the injunction until Westrip, which owns 39 per cent of the project, dealt with claims it was holding some of the assets through a trust.

    The dispute between the Westrip board, including director Greg Barnes, and four minority shareholders in the Kvanefjeld minerals project has been raging for months. As Mr Barnes defends himself in another high-profile and separate legal battle with the Benny Elias-chaired Chameleon Mining, he has also been forced to answer allegations that he tried to move Kvanefjeld out of Westrip and into a personal vehicle, Rimbal.

    Greenland Minerals, which owns the remaining 61 per cent in Kvanefjeld, told the market in July it was funding the legal action taken by the minority shareholders to ensure certainty of the project.

    Westrip said in a statement it would now make an order to the court for the minority shareholders to pay its costs to date.

    ''Damages sought by Westrip in London as a result of the proceedings brought by minority shareholders could run to many millions of dollars,'' a spokesman said.

    ''These costs will ultimately be paid by Greenland Minerals pursuant to a deed of indemnity agreed between Greenland Minerals and the claimants in London.''

    Rod McIllree, managing director of Greenland Minerals, told Businessday that damages only stood up if there was a perceived loss.

    ''Our position is that we need to identify the owner of the balance of the joint venture.''

 
watchlist Created with Sketch. Add ETM (ASX) to my watchlist
(20min delay)
Last
2.1¢
Change
0.000(0.00%)
Mkt cap ! $29.58M
Open High Low Value Volume
2.1¢ 2.1¢ 2.1¢ $210 10K

Buyers (Bids)

No. Vol. Price($)
1 136837 2.1¢
 

Sellers (Offers)

Price($) Vol. No.
2.2¢ 1022487 2
View Market Depth
Last trade - 10.02am 12/08/2024 (20 minute delay) ?
ETM (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.