SGH (ASX) SGH

Originally posted by yensog ↑

Sorry about that. The message didn't post

Dear Babscay Group Member

We regret to advise you that the Scheme Administrators (KordaMentha) have rejected the proof of debt that we lodged with them on your behalf in the Slater and Gordon settlement scheme. Their reason is because Maurice Blackburn have also lodged a proof of debt for you in respect of your losses in the Hall class action. We believe this decision is wrong. The loss claimed on the proof of debt we lodged for you is separate and distinct from the loss claimed in the Hall class action. We unsuccessfully tried to persuade the Scheme Administrators that their views were wrong. Unfortunately, your only remedy now to achieve a dividend as a Babscay group member (which would be in addition to whatever you stand to recover as a Hall group member) is to appeal to the Supreme Court of Victoria.

On our calculations, based on information from the Scheme Administrators, you would have received a dividend of about 2.9 cents on the dollar on the proof of debt we lodged for you. Our view is that it is not commercially worthwhile for Vannin to fund the necessary court case to overturn the decision of the Scheme Administrators. Whilst we think the issue for decision is straightforward, our experience is that court cases almost always end up being less straightforward than originally expected and far more expensive. If you nevertheless wish to bring your own appeal, we will provide you with any assistance that we can. Please note that any appeal to the Court needs to be filed as soon as possible because the time period for an appeal expires today and it will be necessary to obtain an extension of time.

We are disappointed that we can’t report better news.

Please contact Maurice Blackburn if you have any queries regarding the proof of debt they lodged on your behalf and your expected return.

The Pitcher Partners claim is continuing and is unaffected by the decision of the Scheme Administrators. We will keep you updated on the progress of it.

Kind regards

Vannin Capital

Supreme Court, yeah right!

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Bad news for JWS members who joined both class actions and great news for MB only members like me who will not be diluted further.