FO said: "from memory there is evidence that ags did and do act professionally in that they sort advice and/or were recommended to disclose (and they did) a legal payment to quasar that wasn't previously disclosed."
I assume you're referring to ASX release dated 18/07/2014 and titled: "Four Mile Project - Litigation Settlement"
Your interpretation is very generous indeed.
This is what they actually said:
"The Alliance Board’s initial view was that, in the context of the underlying asset value of the Company, the settlement did not have a material impact on the financial position of the Company.
However, Alliance's auditor has now advised that, for accounting purposes, the amounts payable to Quasar and Heathgate, are material for the profit and loss account."
AGS Price at posting:
3.9¢ Sentiment: Hold Disclosure: Not Held
