The Slater and Gordon PR team outdoes itself with a brilliantly timed Christmas email advising class action members that their payout has been delayed once again. Great email to get sent out at 11pm on Christmas eve! No mention of interest on the money (held by S&G since June/July) - nice little earner for someone..
From: Oz Minerals Subject: Oz Minerals Date: 24 December 2011 10:51:29 AM AEDT
Dear Group Member In July 2011 Slater & Gordon obtained Federal Court approval of the Scott & Taws v OZ Minerals settlement. As part of that settlement we provided an estimated date for when we thought we would be in a position to distribute the settlement monies to those Group Members entitled to a distribution. The date given at that time was Christmas 2011. As you are aware, in November 2011 we issued to all Group Members an Assessment Notice which included the expected distribution a Group Member was likely to receive (if any) from the settlement monies. As part of that Assessment Notice we confirmed the expected date of distribution of funds to be by late December 2011. However, due to an unexpectedly large number of enquiries and requests for review following the issue of those Notices, the process that has had to be engaged in by us as a result of those enquiries has delayed the distribution of compensation/settlement monies to Group Members. As a result of the delays it is now expected that distributions will be made commencing in the week beginning 9 January 2012. Kind Regards Slater & Gordon
OZL Price at posting:
$10.39 Sentiment: None Disclosure: Not Held