28 November 2006 TRADING HALT Chemeq Limited (ASX: CMQ) advises that its application for an injunction against Stark Trading and its associates (“Stark”) and Harmony Capital Partners (“Harmony”) will be heard in the Supreme Court tomorrow 29 November 2006.
Chemeq Limited has requested a trading hold for Wednesday 29 November 2006, whilst the injunction application is being heard by the Supreme Court. An update will be provided after the close of tomorrow’s proceedings.
At that hearing, it is expected that the Supreme Court will determine whether Stark and Harmony will be formally injuncted from relying on the Notices of Redemption lodged with Chemeq until the Supreme Court hearing of Chemeq’s action seeking a declaration that it has met the final milestone covenant.
The parties have previously agreed to maintain the status quo until 30 November 2006 to allow this Supreme Court hearing to take place.
The ultimate trial date to hear Chemeq’s action seeking a declaration that it has met the final milestone covenant will be set by the Supreme Court. This is likely to be sometime in the new year at the earliest.
Chemeq is strongly of the view that it has met the final milestone covenant.
FOR FURTHER INFORMATION PLEASE CONTACT: David Williams Chief Executive Officer Chemeq Limited Tel: 08 9528 0200
CMQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
