PGC
20/10/2015 09:24
GENERAL
PRICE SENSITIVE
REL: 0924 HRS Pyne Gould Corporation Limited
GENERAL: PGC: Torchlight Fund No.1 LP legal action
20 October 2015
Torchlight Fund No.1 LP legal action
Pyne Gould Corporation ("PGC") today welcomed the High Court ruling in a case
involving Torchlight Fund No.1 LP concerning a loan from Wilaci, an entity
connected with Australian businessman John Grill.
"Torchlight's position was always very clear. It paid back the loan it
received from Wilaci in full and it was prepared to pay a reasonable level of
interest resulting from the late repayment," said Managing Director George
Kerr.
"It was not prepared to pay unreasonable terms. The High Court ruling
confirms that with its finding that the "late payment fee" claimed by Wilaci
is a "penalty fee". Torchlight brought this action believing the penalty fee
claimed by Wilaci was unenforceable and the Court has agreed.
"We had already agreed, prior to trial, to pay the original $5 million
establishment fee which has already been accrued by Torchlight.
"We welcome this ruling in its favour, which confirms that Torchlight's
position was reasonable. This matter can now be put to rest."
For more information, please contact: David Lewis +64 21 976 119
End CA:00271999 For:PGC Type:GENERAL Time:2015-10-20 09:24:31
