Undaunted and Eagle Bob the champagne corks were definitely popping in Leeton. Very dangerous just to read one paragraph (C. 258). Billabong's main prize (if they had won) was the enforcement of the 2016 NTS ROFR rights which would have given Billabong 40% of ALL of Vango's tenements. I repeat if they had won. The judge kicked this claim to Stewart Island. In fact the judge awarded indemnity costs to Vango to be paid by Billabong because Vango had offered (as a settlement) over 15 months ago the same BTS that DAU was offered. The judge had stated that Billabong was successful in that the BTS should have had been offered to Billabong in the 2017 transaction. However given the fact that Vango had already offered the BTS to Billabong in early 2020 the judge stated that Billabong should have accepted the offer. So the judge is just reinforcing what VAN had already given to Billabong. So if Billabong wishes to accept the orders of a BTS (they need to pay $3m to Vango for the right to earn a farm-in of K2 only) they need to do so within 10 days of yesterdays date. My money is that given the Billabongs huge legal costs to date and the bad reaction that faces their shareholders an appeal by Billabong may be on the cards!
PS without going into too much legal detail this judgement IMO also gives an enormous confidence booster to the next case (re ZAG) as the BTS (and its challenges) were highlighted in the ruling. Bring it on!
