Hey Mongo ( and any other VMC'ers )Did you read the full...

Hey Mongo ( and any other VMC'ers )

Did you read the full statement ??? Would appear not ...


The primary grounds of Spectrum’s defence can be summarised as follows:
● Spectrum, through its Chairman Alex Hewlett, was actively engaged in negotiations to acquire Penny West more than 6 months prior to the alleged discussions between VMC and DJ Carmichael Pty Ltd (“DJC”). Spectrum understands that Mr Davide Bosio and Mr Paul Adams do not accept Penny West was ever mentioned in any conversations with representatives of VMC;
● The circumstances and material facts alleged by VMC in its statement of claim (which are not admitted) do not give rise to fiduciary duties or duties of confidentiality as between DJC and VMC. There is therefore no breach of those duties;
● VMC has no entitlement to a constructive trust over Penny West given VMC asserts that a separate and non-existent “NewCo” was to acquire Penny West, not VMC itself; and
● Even if VMC could establish a breach of duty by DJC (which is denied), its inordinate and unexplained delay in bringing proceedings disentitles it to a constructive trust over Penny West.

It is telling that on 30 June 2019, VMC’s Managing Director, Mr Matthew Hogan, was quoted in an article for unauthorised investment advice as follows: “Spectrum’s success promotes the whole region. They are doing a great job; there are fantastic results coming out of Penny West.”


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ADYOR

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