If I look at the cases at the SA Supreme court, it seems that Primero attempted to move to case to WA citing it would be easier to have the case heard there (for the entire matter), but it seems the judge rejected their request. As part of the submission, Wartsila claims that it is entitled to claim 5% of the subcontract price (~4.3m) plus 5% of any variation claim if Primero failed to achieve key events a certain dates (note 47).
Primero also attempted to stay the proceedings in the SA Supreme count (not sure what this is, but presumably this is Wartsila's claim of 5% penalty and trying to get their 16.9m back from the court, but that also failed.
I'm not seeing anything indicating that Primero has taken this to SOPA, and looking at the judgement, it appears the dispute has been ongoing even last year.....and it's seems unlikely there will be mediation (I would imagine that Wartsila will continue to challenge even a SOPA decision in the supreme court given the 2 wins now).
This is my biggest position, so I'm certainly not interested in downramping, but only in understanding the risk as its a little concerning to me that mgmt have not highlighted what has occurred in the last 6 weeks.
PGX Price at posting:
41.5¢ Sentiment: Hold Disclosure: Held
