Good to have this finally put to rest. Singleton is long gone...

Good to have this finally put to rest. Singleton is long gone now, replaced by Paddy Gregg. Settlement here is much better for us shareholders imo than the parties dragging this out further in court.

I’m sure there will have been a contingency amount set aside somewhere in the accounts for the anticipated cost of proceedings, so hopefully we’ll get an update at the November meeting from the CFO on the impact - but at $650K its a pretty inconsequential amount. As a shareholder my key concern is that this sort of thing never occurs again, and so I’ll take Rothwell’s assurance here that the disclosure processes have been significantly tightened since 2016 when this is alleged to have occurred.

The summary of the civil claim by ASIC can be found here, if anyone needs a refresher:

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-128mr-asic-commences-civil-proceedings-against-shipbuilder-austal-limited-for-continuous-disclosure-breach/