That is not correct. They did not agree to fund / fight our legal battle. They gave an additional $3.5M towards legal. Again google 'Kingsgate's Cashbox' and read the intelligent investor interview. It says that like most insurance policies, Zurich had a clause including 'Subrogation rights'. (This means that Zurich has the right to pursue the third party for damages) which would be the Thai government. In this case KCN was already pursuing legal action and so instead of taking over the company and chasing the Thai government for compensation directly, they agreed to give KCN $3.5M towards legals and not pursue damages themselves on the basis that they would be repaid once settled. Hence KCN are now discussing repayment schedules with Zurich as stated at the Webinar. All IMO
Ann: Sydney Mining Club Presentation, page-127
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$1.55 |
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Mkt cap ! $398.2M | |||
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