This paragraph from PDNs ann is new to me, is it true there is a counter claim against SMM and does the counter claim have a chance to succeed? If it does SMM may get in a bit of trouble.
Some rational comments only please:
Ouote from last announcement today......
"Paladin also notes that Resolute and Mt Isa have counterclaimed against Summit in these proceedings: a matter on which Summit made no disclosure until after the release of the Bidders’ Statement. In its counterclaim, Mt Isa and Resolute allege that Summit itself materially breached the JV Agreement by its own unauthorised disclosure of confidential information. Should this counterclaim be upheld, Mt Isa (a Paladin subsidiary) may be entitled to acquire Summit’s share of the JV assets from Summit at 85% of market value."
Cheers
SMM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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