I've just spent 30 minutes typing up the dot points and a disclaimer. However, I've come to the conclusion that this case is under so much scrutiny and my post may be seen as misrepresentation of some very experienced Barristers and their clients.
I will supply comments instead. It is highly watered down. Sorry if that's frustrating.
The following is not advice nor a statement of facts. You must rely on court documents and ASX/SGX as your source and seek legal advice. Please approach the parties concerned for their comments. Please approach the court for their orders. My post should be considered as commentary and opinion only. I have no legal qualifications, training and do not represent anyone other than myself as a private shareholder. I'm providing my comments on that basis only.
Note: I could not hear everything, including the Barristers names. Who they represented was not apparent when the rose to speak. There were submissions and papers referred but not elaborated on. Some of these can be inspected at the court. I have not inspected any or sought too. ....... MGN sought to have a trial date set. Argued the DOCA has taken a long time, that it can't be effectuated, that the Judge had previously raised there are other third parties ( shareholders), that Austroid are only creditors and they will be paid out 100 C in $. Then some conjecture on Austroids intent. ..... Judge noted that defendants had raised the issue of who has the right to sell the assets. .... DOCA is not extinguished yet ...... defendants pushed arguments to gain unredacted copies of the MIN deal. ....... judge explained the balance of confidentiality and proper administration of justice in detail. ...... it was asked of the defendants why other proposals/deals could not be made without the need for MIN confidential deal. ..... relief of restraints requested as it makes running the business difficult. ...... argument made of no real urgency, that DA could just extend self imposed sunset date. ..... argument made Austroid is largest shareholder, not just creditor. OTA a significant interest. Deal needs to be understood to consider implications. Consideration can't be given as to whether MIN transaction is the best without knowing the details. .... costs to be considered till a later juncture. ..... Court wants other parties submissions in ASAP. Noted the delay they cause in case and how long the Barristers take at each hearing. .... urgency of matter highlighted.
.... #DOCA not yet extinguished. #MIN implementation document to stay confidential due commercial sensitivities. This matter adjourned till 10am this Thursday to consider confidential undertakings for access to this implementation document. #Hearing this Thursday for something I couldn't make out due to noisy lawyers in front of me. #Hearing on 13th no earlier than 10am 14th reserved in case it overruns. To deal with restraints, joinder and consolidation and other submissions. #Submissions due/requested by 4pm Friday. #court will produce written orders as requested by Austoroid lawyers. Trial date to be set.
highlights. other transactions and deals could be garnered by parties, and value for shareholders were all raised. However who has the right to liquidate and sell the assets, the focus on protecting the OTA and how long this could be caught in litigation balances those positives out.
Written on a potato, excuse the grammar.
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held
