Ann: Adjudication Update, page-7

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hotcongo

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09/06/20

11:34

Post #: 45108705
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Originally posted by Rdisnic ↑

From the recent prospectus:

Decmil engaged Southern Cross Electrical Engineering Limited (SCEE)
under a mine infrastructure contract, with an original contract value of $6m
(being a lump sum, design and construct contract) and varied value of
$7,426,754.85.
SCEE has claimed an additional amount of $11,062,280.72. Decmil has
valued SCEE’s claims at $0.
Adjudication
The parties are currently in an adjudication under the Building Industry
Fairness (BIF) Act. If the adjudicator determines that he has jurisdiction to
consider SCEE’s claims, the adjudicator will determine the value of those
initial claims. The Adjudicator may determine an indicative amount
between $0 and $11,062,280.72 plus interest and a portion of the
adjudicator’s fees. The Company believes based on reasonable grounds
that the likely initial amount will be between $0 and $5,000,000.

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Thank you! So It appears Decmil paiD them for original contract, but SXE believed decmil should pay them an extra $11M for additional work? That sounds weird....that is a lot of extra work done without any announcement made about it....

I hope decmil can afford to pay the $157,000 odd awarded....they are doing it really tough at the moment.

ps sorry... my status is non-holder, not holder.

Last edited by hotcongo: 09/06/20

DCG Price at posting: 7.9¢ Sentiment: None Disclosure: Held
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Ann: Adjudication Update, page-7

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