Thanks for that Hbee. So the Adjudicator's setting aside of the $51,812.327.67 related to NWH duplicating part of a claim which it covered by an earlier Progress Certificate for $66,955,604.99.
That did not mean that the Adjucator held that NWH had no claim, it meant, I understand, that the $51,812.327.67 should not have been duplicated in Progress Certificate No 21, which was the subject matter of the adjudication. The Adjudicator simply rejected the duplication, which is a less serious concern.
The issues now related to this specific matter are, I think:
is part of the original Progress Certificate for $66,955,604.99 still unpaid; and if so,
what are the merits of NWH's claim for the sum now remaining unpaid?
Those are the questions that should be directed to management.
The similarity of the amount suggests to me that Progress Certificate for $66,955,604.99 may relate to the deal announced on 18/04/2013, which in part was stated as: “NRW is pleased to announce it has secured a $67 million contract to undertake various earthworks, piping and associated works together with drill and blast operations at the Roy Hill Holdings Pty Ltd (“Roy Hill”) project. Full works under this contract will not be activated until Roy Hill confirms satisfactory progress with its debt financing.”
NWH Price at posting:
12.8¢ Sentiment: Hold Disclosure: Held
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