POH have stated they will be up for substantial sums of money due to a "significant adverse costs order."
Last month two asx listed companies were hit hard like no one ever seen before, POH and FTT.
The distinct difference is FTT have funds and no liabilities, whereas POH have this adverse costs order looming as a dark cloud.
12 Novmber 2018.
"The Board is very disappointed to announce that Phosphagenics was unsuccessful in all of its claims.
The parties will make submissions on costs (on a date to be set) which are reserved to a final award on costs. Phosphagenics has spent approximately $5.6m on arbitration and legal fees to date. The Board must take into account a significant adverse costs order.
The Board is very disappointed to announce that Phosphagenics was unsuccessful in all of its claims.
As shareholders will recognize, this arbitration loss has a serious impact on the company and the Board will need to carefully consider the alternative courses of action available to it."
POH Price at posting:
0.3¢ Sentiment: None Disclosure: Not Held
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