Obviously, I'm still very green at the whole sharemarket and legalese thing, but how can they claim that we've " - recognised revenue... $1.13B" and in the latest announcement that " - with no change to this position as at 30 September...".
I'm must be so obtuse, because I can only reason that we did in fact recover costs of at least $1.13B. This alludes to the fact that at the very least; we didn't start the job, buy all the resources/groundwork and only get $78m (minus costs) for our troubles. Otherwise, how can they legally leave a $1B gap in revenue on our income? Wouldn't it also be more advantageous for tax reasons to immediately correct this and remove any 'income' tax on goods purchased/sold etc. thereon paying less in general.
In summary perhaps, the court looked at it, saw CIM has recovered most of its costs, and 'awarded' $78m (for time wasted/legal fees etc?) and basically ruled out any more; calling time on the matter (as in the rest of the contract amount and further damages).
Please help correct me if I'm wrong; appreciate any expertise/clarification for this.
CIM Price at posting:
$22.49 Sentiment: Hold Disclosure: Held
