There were no references in the Annual Report to the Shareholder action. If they had ongoing post balance day events they would have been obliged to include them there. As they didn't I assume that the company regards the matter as closed.
The fact that CCP settled prior to the final court hearing does not mean that they admitted guilt. Quite the opposite. I am almost certain that they did not. The reason they would have settled prior to the court hearing was most likely that courts are uncertain places and the court may have found them guilty. The company would not want this (potential criminal) judgement against it, so it settled without admitting guilt. The risks were just too high.
It is highly likely that their insurer covered the entire settlement amount, as this is the position the compoany has always taken. If this is the case we wil never know the amount and it will never be decalared in any accounts. If not teh amount will be included in the half year accounts to be released in Feb 2012.
My overall conlusion therefore is that the matter is closed and that CCP have no ongoing exposure or costs.
K
CCP Price at posting:
$3.86 Sentiment: Buy Disclosure: Held
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