For those who have been asking about the Court case brought against Aphrodite by former Directors claiming termination entitlements.
We have dug up some info using an old fashioned detective tool, the telephone.
The Trial was held in the WA Supreme Court and went from 28 Nov - 5 Dec.
Decision reserved, could take a few months before we know.
No idea who will get the Judge's nod, but we know who the winners are - THE LAWYERS!
In the past 3 financial years that this has been running Aphrodite's Annual Reports show legal costs at:
2014 $409K
2015 $185K
2016 $160K
Total $754K
After allowing for normal legal costs based on the previous 2 years it looks like Aphrodite has spent around $585K on this matter to 30 Jun 16. Since then things would have heated up heading to the Trial, at what cost we can only guess, but the Quarterly cash report to 30 Sep 16 showed admin costs at $341K, probably a fair part of that would be legals preparing for Trial. The Dec quarter will include the Trial costs, I shudder to think how much.
If Aphrodite wins, they will get some of their costs back, but will still be well out of pocket.
If they lose they will be up for some of the Plaintiff's costs plus whatever the Court awards them for their claims.
That may not be the end, either party may appeal and that could take another 2 years.
And one of you commented that Aphrodite fired these guys to save money!
AQQ Price at posting:
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