Just some other points and observations that may not have been posted from today's hearing already. Apologies if I have repeated anything.
Not surprisingly GD focussed on the three defences of clean hands, certainty and laches (delay)
Re unclean hands GD first raised sue of MZN chairman trying to get a story in the media to force KDR back to negotiations. He then moved onto the conveyance of the letter of demand (MZN serving writ on KDR) GD contrasted the tone of messages sent by JT to MD between April and November 2016 - which were friendly and polite, to that sent by JT on Sunday 13 November which basically said that if MD doesnt deal with MZN then they will be making an announcement prior to the market opening the next day Monday 14 November - stating that MZN were taking legal action. The first message was received by MD at 5pm, and the second at 6.19pm which included a letter of demand.
Obviously this was a very short time-frame to respond to such significant request. Furthermore, it was stated that the KDR chairman was on a plane flying back from London when the messages were sent. Should also be noted that the KDR AGM was taking place on the Monday.
GD characterised the sending of these messages as threatening behaviour. Note that it would appear the inclusion of these messages into court proceedings was resisted by MZN legal team until yesterday (I think).
GD also responded to MB's cross of MD the previous day when MB had raised issues regarding the credibility of MD - this included ASIC disqualifying him from being a dealer, and forging the signature of his step-mother. GD stated that this had nothing to do with the case, and Justice Martin seemed to completely agree with this.
Regarding the defence of 'delay', this was in relation to there being a delay between the agreement discussions of April and then claiming in November that an agreement had been reached. The Western Areas case from 2011 was cited as a precedent by GD. I think Justice Martin made the statement 'use it or lose it' thus seemingly having sympathy for this element of KDR's defence. As an aside, Justice Martin provided some levity to proceedings at this point. GD was noting that on November 11, the letter of demand was prepared by MZN, even though for the previous 7 months, emails and texts from JT had given the clear impression that he had conceded there was no deal on April 4. Justice Martin made the observation that November 11 was also Remembrance Day - which caused a number of chuckles in the courtroom although not necessarily from the MZN folk.
So then MB starts his closing by having a couple of jabs at GD for 'going off the reservation' and that he took offence at accusations by GD that MZN was wasting the court's time. Cant say I had any sympathy for MB given his performance over the past few days. He also mentioned that on the subject of the letter of demand requiring action by COB November 14, that nobody from MZN knew that this was the same day as the KDR AGM. What I found confusing about this statement was that previous evidence indicated that earlier in the year, JT had contacted MD on the day an announcement had been made by KDR and referred directly to the announcement. Who knows.
Anyway, some final observations. I always thought that MB would come up with some bombshell, but it never arrived. The KDR legal team comprised about 6 people, MZN only 3. As said by others, Justice Martin appeared to speak the same language as GD, both seemed to be on the same page about what legal principles were applicable to the case. On the other hand, MB tried to suggest that matters weren't so clear cut and that there was greyness, however, I dont get the feeling this is the mindset of Justice Martin. At one stage MB referred to a case in NSW that questioned elements of another case Masters v Cameron. Justice Martin had a quizzical look on his face and made a comment along the lines of 'well that's nice of the NSW court, but it doesnt carry weight this side of the Nullarbor" leading to a supportive laugh from GD.
I finally took the plunge and bought more shares today, unfortunately towards the top of the price range, but hoping that this still has a lot more legs.
KDR Price at posting:
59.5¢ Sentiment: Buy Disclosure: Held
