Oh well if LIT think it's not gonna be material problem then no...

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rayien

1,167 Posts.

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25/11/21

09:44

Post #: 57838330
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Originally posted by rokkett: ↑

Bashers just keep on bashing, absolute joke you lot.

from the response to asx letter,
4.1
on January 2019 and before LIT had invested in Envirostream, there was a fire at Colbert road, Campbellfield where Envirostream was operating.
"The Fire investigation report by Metropolitan Fire and Emergency Services Board completed in relation to this incident determined that the fire was accidental - electrical. "

The insurer has been dealing with this claim and has paid out on some claims in the normal course of claims management. The insurer continues to manage and adjudicate claims.

Further claims have arisen and may yet arise.
It is LITs current understanding that Envirostreams public liability policy held at the time is effective and is not presently aware of any indications to the contrary.
It is LIT s understanding that there is still no certainty on the quantum of the current outstanding claims, future claims and by when this process will be completed.
As required by accounting standards, as the payment by the insurer is currently not virtually certain, the LIT board has taken the very conservative approach and raised a provision after considering both a provision and a contingency. If and when the claims are settled, LIT will then account for a revenue item of that final amount.
Overall, the LIT Board is currently of the opinoin that the provision and the claim payment will net to ZERO and not considered to be MATERIAL.

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Oh well if LIT think it's not gonna be material problem then no problem!
Then again, probably a reason they're seeking independent legal council...

also can't help but notice you failed to address any of my points about sileach, liena, soluna, dlg and vspc etc? Any info would be much appreciated

Last edited by rayien: 25/11/21

LIT Price at posting: 12.5¢ Sentiment: Sell Disclosure: Not Held
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0 Great analysis

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