Short Term Trading Week Starting: 10 July, page-31

First 31 Last

Share
Profile

Follow
Freehold

24,192 Posts.

5566

10/07/17

10:17

Post #: 25762656
Share

Originally posted by Freehold ↑

KDR - Judgment in Kidman’s favour over Earl Grey lithium rights challenge

Kidman Resources Limited (ASX: KDR) is pleased to advise that it has successfully defended the ownership of lithium rights to its Mt Holland project, including the Earl Grey deposit, with Supreme Court Justice Kenneth Martin handing down a judgment on Friday against the plaintiff, Marindi Metals Ltd (ASX: MZN).

The finding follows the three-day trial held from 29 to 31 May 2017 in the Supreme Court of Western Australia, when the Court dealt with the issue of whether any agreement existed with Marindi over the lithium rights to Mt Holland.
Kidman was represented by Grant Donaldson SC, instructed jointly by Maddocks and by Gilbert + Tobin, who successfully defended Marindi’s claims, which were based on an exchange of emails and text messages.

In his reasons for judgment, Justice Martin found that there was a need for a binding and enforceable heads of agreement to be first signed off between these parties as a condition precedent to the companies perfecting a binding agreement.
Justice Martin also agreed with Kidman’s characterisation of the early draft agreement as at best “an agreement to agree”, in reference to the draft clauses within the draft exchanged and that the delineation of the mining rights that Marindi was to hold was uncertain.

The draft agreement was not executed, and Justice Martin also noted “were it necessary to decide, I would deny specific performance to Marindi, upon a basis of what was a seriously prejudicial and unjust delay to Kidman” – a reference to the timeline of the claimed agreement and legal action being filed.
Kidman Managing Director Martin Donohue said, on behalf of all shareholders, he was very pleased to have this matter resolved in the Company’s favour and thanked the Court for dealing with it in a timely manner.

“I would also like to thank all involved in preparing and delivering our defence to this opportunistic attempt by Marindi to gain control of the highly promising Earl Grey lithium deposit,” Mr Donohue said.
“We can now focus the attention of our entire leadership team on the fast-tracked development of Earl Grey, and other projects within our portfolio, for the benefit of all shareholders.”

Expand

I expect KDR will aggressively pursue MZN for damages (and court costs) ...and will highly likely be successful.
6 Upvote

0 Great analysis

Reply

Top Stories

EBR

EBR Systems' heart pacing device on-target to reach the US market

BOE

Boss Energy ramps up as industrial-scale plant build continues; FY25 guidance of 850Klb intact

GDP grows 0.2% in June quarter, but annual growth the slowest since the 1990s

SKS

SKS secures $20M for extension works on Melbourne data centre

Is the ASX getting its groove back? Here's 5 IPOs in September to watch