panopus update

I have been informed by the Supreme Court of Victoria that the ANZ v Panopus case ( Directions...third time) has been postponed until October 17th.

From what I can understand ANZ are still trying to screw Phil. Bad publicity for ANZ for if they loose, Panopus will most likely seek costs and damages.

I suspect that the reason why Phil has finally made the announcement is that he must state his actual holding on the Annual Report which is about to be published. I suspect he tried to hold off making the announcement while there was a chance of recovering his shares before the AGM. Appears unlikely as the court case may drag on.

In October 2007 Phil had some 46.6m ADY shares. Then in early 2008 disaster struck with Opes Prime , the vehicle he used to buy shares on margin. It appears that Phil had been operating accounts under ANZ Nominee .

ANZ/Opes Prime cost him 19.6m ADY shares and ANZ/Panopus cost him 23.25m ADY shares. A bucketload to loose.

If ANZ do the right thing then he may be able to recover some of his "lost" shares. Don't forget that once he delivers the contracts and milestones set by the Board he is entitled to millions of Options at 12c-14c under the 2006 Options Plan passed by shareholders at the AGM.