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Ann: Ikon Legal Action - Decision, page-26

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redant

1,439 Posts.

49

03/11/18

09:47

Post #: 36377453
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Originally posted by redant ↑

"It is within the region of the amount set aside on the books for this outcome."
Pharma I can't find any provision in the annual financials to cover this claim.
Note 2 to the statements - Parent Entity - outlines contingent assets and liabilities without any reference to the Ikon matter and concludes -"Apart from the items noted above the parent entity had no contingent liabilities or contingent assets at 30 June 2018."
Note 28 - Contingent Liabilities and Contingent Assets - Notes the details of the matter but does not identify any financial provisions.

I guess at the time of preparing the statements we were planning on winning so it would have been a contradiction to make financial provision for a loss.
I do believe that the current financial position of the company allows for the award to be covered without any major impact on operations.

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Just looked a bit further. There is an amount of $935,983 listed as other payables in note 15 - Trade and Other Payables - could be it. Disclosed in the balance sheet as a current liability under debtors.

CDY Price at posting: 34.0¢ Sentiment: Buy Disclosure: Held
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