Ann: VUL receives settlement & apology from J Capital & Murray, page-18

“The orders dismiss the proceedings but do not disclose any payments between the parties.”


https://thewest.com.au/business/min...rt-seller-tim-murray-and-j-capital--c-4962580
Vulcan strikes peace deal with short seller Tim Murray and J Capital

Neale PriorThe West Australian
Wed, 15 December 2021 3:52PM
Neale Prior


One-time Labor candidate Tim Murray and his company J Capital Research have agreed to be permanently restrained from circulating their report. Credit: Monique Harmer/News Corp Australia

Glamour stock Vulcan Energy Resources has struck a peace deal with a Sydney-based short seller ahead of a Federal Court showdown over an allegedly false and damaging research report.

Tim Murray and his company J Capital Research have agreed to be permanently restrained from circulating a report they released in late October that was highly critical of Vulcan and the company’s ambitious German lithium plans.

The report titled “Vulcan: God of Empty Promises” triggered a plunge in the company’s share price after a spectacular run through most of 2021.

The report questioned Vulcan’s plans to develop power generation and lithium production operations in Germany’s Upper Rhine area using geothermal brine locked more than 2km below the surface.

J Capital reportedly claimed Vulcan’s pre-feasibility study for the project contained an unrealistic assumption about the flow rate “that beautified the project and can be easily disproved”.

Vulcan launched a legal action overnight on November 8 and gained interim orders behind closed doors forcing Mr Murray and J Capital to stop publishing the report allegedly loaded with false and defamatory material.

Vulcan’s claim also pointed to allegedly damaging material from the J Capital report being published in media outlets and social media around the world.
Lawyers for the Vulcan and Murray camps had been expected to argue their cases before Justice Craig Colvin at 2pm on Wednesday afternoon.

But they filed agreed orders in the court at 1.30pm permanently blocking Mr Murray and J Capital from doing anything that might cause the October 26 report and related promotional material to be published in the future.


The orders dismiss the proceedings but do not disclose any payments between the parties.

The orders specifically do not preclude either side from defending any litigation linked to the report or from co-operating with authorities in any inquiries about the document.

Vulcan chairman Gavin Rezos, chief operating officer Thorsten Weimann, co-founder Horst Kreuter and chief executive Francis Wedin also claimed in the now-settled Federal Court action they were defamed in the J Capital report and in various publicity carried out by Mr Murray.

In an announcement to disallowed disclosing the Federal Court truce, Vulcan said Mr Murray and J Capital had made an open apology.

The apology attached to the announcement said while the Murray camp might have different views about Vulcan and the potential of the project, they apologised for allegations regarding Vulcan’s board and management.

J Capital and Mr Murray said they “sincerely apologised” to the board and management, particularly Dr Wedin, Mr Rezos, Mr Weimann and Dr Kreuter.

Vulcan shares were down 72.1¢, or 5.92 per cent, to close at $11.44 on Wednesday. They plunged from around $14.99 on October 26 to as low as $9.15 last week.