Company AnnouncementsAustralian Securities Exchange LimitedASX...

Company Announcements
Australian Securities Exchange Limited
ASX Company announcement
Monday, 3 August 2009
Litigation support to minorities of joint venture partner, Westrip Holdings Limited
THIRD UPDATE
Reference is made to the ASX Company announcements of 21 and 23 July 2009.
The Claimant minority shareholders’ application for injunctive relief against the defendants, namely Westrip Holdings Limited (“Westrip”), Mr Gregory Bennett Barnes, Ms Janine Walker, Mr Dabinder Powar, Mr Hans Kristian Schønwandt, Rimbal Pty Limited and Horrocks Enterprises Pty Limited (“the Defendants”), has now been heard by a Judge in the Chancery Division, Companies Court of the High Court of England and Wales.
The High Court Judge on 27 July 2009 ordered, inter alia, Injunctions against the Defendants. The effect of the Injunctions is that the Defendants must not, until the determination of the Claimant’s application under section 260 of the UK Companies Act 2006 or further order in the meantime, sell, charge, or otherwise dispose of certain Greenlandic exploration licences and Westrip’s shareholding in the Company.
The Company gave an undertaking to the Court that it will not serve any notice of default on Westrip or treat any failure by Westrip to pay a contribution under the JV Agreement until after judgment in the Claimant’s proceedings.
The Company will keep the market informed of the proceedings.