Good to have a new thread on the Kronos litigation – the old one was becoming fuzzy.
The facts, have not been updated (or even mentioned again), since the original Shareholder update on 5/4/2013: “ Kronos has terminated the Project Agreement signed April 2011, and commenced proceedings in the Federal Court to recover damages and funds already paid to APG under that agreement.”
I will offer some other facts (taken from other APG updates), that you may find interesting. On 18th April 2011, APG actually signed 2 separate Agreements with Kronos. ? Agreement for Construction of NIRP : Kronos provides funding for construction, commissioning and initial operations of NIRP. ? Agreement for Further Development Work: doesn’t say what APG must do or when it must do it.
Kronos agreed to pay APG $12.5m in 2 parts, for this work. -- Subsequently Kronos paid $6.5m for 180m APG shares at 8.5c each. -- Kronos subsequently paid $5.58m in Licence Fees (Kronos had previously agreed to pay $6.0m in Licence Fees to use Auspacs EARs and ARI processes at Kronos plants) with the last payment received in March quarter 2012.
I personally have no idea, on the merits of Kronos’s case. I am, at this stage, unconvinced of the Kronos takeover argument put forward by some HC posters. I eagerly await some more facts.
Wilcox
APG Price at posting:
1.6¢ Sentiment: None Disclosure: Held
