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clock Created with Sketch. 15/03/22
19:45
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Originally posted by Petersburggray:
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Good thing VAN set aside reserves to cover this outcome. Oh wait per 2021 VAN annual report "Billabong Gold Pty LtdVango Mining Limited filed its defence of a Billabong Gold Pty Ltd claim in February 2019 . Billabong is seeking a declaration that Vango Mining and DPPL (previously owned by Dampier Gold Limited) breached an alleged first right of refusal under an Ore Treatment Agreement and further seeks an injunction requiring Vango Mining and DPPL to comply with Biillabong’s alleged first rights of refusal or, alternatively, damages. The case was brought to trial before the Supreme Court of Western Australia on the 23rd August 2021. It is the position of the Directors that the claim is spurious and will be unsuccesful. To this extent, the Directors have exercised their judgement in concluding that it is not necessary to raise any provision in this regard. In addition, the Directors have concluded that the possibility of any settlement by Vango in this regard is remote and consequently no contingent liability For personal use onlydisclosures have been included in the financial statements." Oops.
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Provision for what? Vango gets $3m from Superior and only pays 80% of their taxed (Normally 40 to 50%) legal bill. Who is really writing the cheque here?
