Notice of motion in Federal Court relates to Jacobson seeking clarification in relation to CHM's statement of claim. In particular, the definition of a payment of the an extra 5m CHM shares that Grimaldi received in consideration for CHM tenemants. CHM have broadended their definition of this payment. In terms of background, my understanding is that the CHM Board authorised an issue of 8m CHM shares in payment for unrelated tenemants but 13m were issued. The unauthorised extra 5m shares made its way to Grimaldi, then MMX and ultimately sold to form part (along with cash) of the payment for the Jack Hills tenemant. Hopefully this is the last point that Jacobson needs to clarify before his judgement can be finalised. If it is, expect the judgement very shortly. The timing of the Federal court action will not be influenced by the timing of the Appeal judgment in realtion to the litigation funder. Jacobson has given both parties 10 minutes today to state their case so it will all be over pretty quickly and hopefully painlessly for CHM holders.
CHM Price at posting:
9.2¢ Sentiment: ST Buy Disclosure: Held
