-M & G own 10% of OZL so this will cost them $6m ! LOL-
SYDNEY (Dow Jones)--OZ Minerals Ltd. (OZL.AU) said Tuesday it agreed to settle two class actions brought against the company, for A$55.1 million plus costs of A$4.9 million.
The settlement payment will be made with current cash reserves and will impact the company's 2011 net profit by the full amount, the miner said.
The settlement "is in no way an admission of any liability in respect of either of these cases but is a purely commercial decision", OZ Minerals Chairman Neil Hamilton said in a statement.
The actions were brought by investors who acquired shares in 2008, shortly before OZ Minerals was brought to the brink of collapse by the global financial crisis. OZ Minerals was created by the merger of Zinifex and Oxiana, which saddled it with debt.
Most of its assets were sold to a Chinese white knight but the company retained its Prominent Hill gold and copper mine.
CDU Price at posting:
$3.38 Sentiment: Buy Disclosure: Held
