YOW 0.00% 2.5¢ yowie group ltd

All IMO The court case has not been run - so no one has won as...

  1. 9,176 Posts.
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    All IMO

    The court case has not been run - so no one has won as it hasn't been concluded .
    on 7 march
    What looks to have happened is evidence was put up and a writ of replevin was issued. Ie they worked out who physically was teh owner of what goods and arrangement were made to get those goods to owners - ie YOW. They rest of the case remains and is unanswered but it was a point that you shouldn't have outright machinery held hostage .
    The writ allowed YOW to recover the machine if they put up 900,000 bucks as they put up a case saying they owned the machine and whetstone was restricting access to recover it and it was to hurt YOW business.
    Whetstone claim machine must remain as per contract on premises til 2025 but would accept a 7mill payment
    The writ means if Whetstone dont't play nice and allow access then YOW could get the sheriff to recover goods or force access.
    8 march comes along and YOW lodge Surety via insurance / bonds agent of 900,000 9 march $562000 gets lodged by whetstone to stay proceedings

    Now I don't understand where the 562000 number came from and the process of if it can prevent the machine from leaving the premises but that is my assumption.

    I don't feel fully informed by YOW asx announcements as we seem to have put up near 1 mill and don't seem to have possession of the machine and I don't care if the 1 mill is just via a bond company and we are just paying interest and a fee our risk is 1 million bucks.

    We have in theory if all has gone well a 2nd machine already tested and as long as it arrived we have capacity after run up to manufacture at new factory to same level as we had at Atlantic.
    Last edited by Teddyward: 16/03/16
 
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