AVZ 0.00% 78.0¢ avz minerals limited

Omni Bridgeway ?

  1. 755 Posts.
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    Hi Folks.

    Does anyone know the current status of the litigation against AVZ that was supposedly proposed and funded by Omni Bridgeway ?

    I note the announcement from AVZ dated 23/12/2022:
    "AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) is aware of an announcement by litigation funder Omni Bridgeway that it has agreed to fund a class action by shareholders of AVZ against the Company. No proceedings have been served on AVZ in connection with Omni Bridgeway’s announcement, nor has Omni Bridgeway or lawyers connected with Omni Bridgeway made any contact with AVZ.
    AVZ notes that it has previously responded to the allegations repeated in Omni Bridgeway’s announcement (most recently in its announcement of 15 December 2022 (Disclosure Clarifications – AFR Article)). AVZ treats such allegations seriously and reiterates it has and continues to comply with the Company’s disclosure obligations under the Corporations Act and the ASX Listing Rules. AVZ will provide further updates to shareholders as information becomes available."

    I haven't sited any announcements from AVZ since this announcement on 23/12/2022 to suggest this proposed litigation by Omni Bridgeway is actually going ahead. I also note that on the Omni Bridgeway website they still have a deadline of 30th June to register for the class action. So it appears this is still hanging around in the background.

    Is anyone aware of any developments on this issue before I make a few calls this week ? I note the litigation was proposed as an 'opt-out ' class action, so obviously keen to know if this is likely to go ahead regardless of current events.

    I've been tuned out of this since December in an attempt to retain some degree of sanity (might already be too late) but am now wondering how this will play out ie. will current events have any impact on shareholder participation in a class action against AVZ (if there is actually a class action still proposed). From what I can tell there is nothing coming out of AVZ management on this subject.
 
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