Re freezing order over Bayan’s, page-5

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27/09/14

01:37

Post #: 14037016
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Originally posted by theInquisitor ↑

The freeze for Bayan's share in KRL was ordered by the Supreme Court of Western Australia on 18 April 2012 after which there was no trading halt. At that time KRL was trading at $0.04 and so had a market cap of ~ $137m of which Bayan's frozen share of 56% in KRL was worth ~ $77m.

On 26 June 2013 the Supreme Court of Western Australia dismissed the first attempt of Bayan to challenge the jurisdiction to make freezing orders and again there was no trading halt. At that time KRL was trading at $0.024 and so had a market cap of ~ $82m of which Bayan's frozen share of 56% in KRL was worth ~ $46m.

Against the order from 26 June 2013 Bayan finally appealed at the Court of Appeal of Western Australia again challenging the jurisdiction to make freezing orders which was dismissed again according to today's announcement. Although there's nothing really surprising in the court's findings and although KRL traded at just $0.009 during the past week, so marketcap is at $30.91m and consequentely Bayan's frozen 56% share is worth only ~ $17.3m now, WEC have now requested a trading halt.

Why have they requested this trading halt only in the presumably last stage of the challenges made in Australia when it actually was legally as well as financially least relevant to the market?

It is also important to note that Bayan has never challenged the courts' findings that BCBCS had established the elements necessary to obtain a freezing orders. All these legal challenges were soley targeted at the jurisdiction to make freeze orders in order to secure potential future damage claims (which in this case may result from the proceedings in Singapore).

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This management is monitored by the market very censoriously after the Cascade Coal mess with the Obeids. Therefore the trading halt was just a matter of precaution IMO.

WEC Price at posting: 17.0¢ Sentiment: None Disclosure: Held
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(20min delay)
Last 4.8¢		Change 0.000(0.00%)		Mkt cap ! $8.158M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
1	35710	2.8¢

Sellers (Offers)

Price($)	Vol.	No.
3.8¢	10000	1

View Market Depth

No.	Vol.	Price($)
2	273000	0.100
1	495464	0.090
1	3936	0.085
1	296201	0.080
2	666600	0.079

Price($)	Vol.	No.
0.105	46373	2
0.120	100000	1
0.130	500000	1
0.140	48559	3
0.150	70000	1

Last trade - 16.12pm 26/11/2024 (20 minute delay)

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Re freezing order over Bayan’s, page-5

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