News: WTP Watpac updates on dispute with BC iron on Nullagine iron ore project

Dec 21 (Reuters) - Watpac Ltd (WTP) :

• Update on dispute with bc iron on nullagine iron ore project (WTP)
• Has been pursuing its outstanding entitlements under the contract since August 2015
• "The board has determined that a conservative accounting position will be taken"
• Efforts to resolve the dispute have been unsuccessful and matter will now be progressed through litigation
• Says Watpac will provide for all amounts previously accrued in relation to this dispute in the group's 31 December 2015 financial result
• Group's underlying financial result for the 31 December 2015 half year will remain unaffected and despite this disappointing contractual dispute