Ann: Legal Update on Singapore High Court Action, page-88

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19/02/18

16:06

Post #: 31163809
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Originally posted by agentm ↑

gonnfishing

you would have expected a settlement would have been the practical way to go, but you have to consider the tactics thus far have been less than logical, not sure how these guys are advised, but either advised or not, the logic of a situation were you are forcing an asx listed company to litigate a $150 mill damages claim against you, consenting to judgement, then facing bankruptcy in singapore is pretty much inexpiable..

they would well know the further you wait, the tighter the noose and the less negotiation room the directors have, once you have got a damages claim its near impossible to expect the shareholders to accept any dilution, so you would expect shares to be off the table and now a damages claim is won, you cant expect shareholders to endorse a EGM where a share distribution is voted in, so the longer one waits, the harder it is to expect anything but full recovery of the entire damages sum.

imho, prior to any bankruptcy process commencing, the best you could do is negotiate a cash settlement, perhaps at a reduced sum from the AUD$40 mill..
once your in bankruptcy processes you have no way of doing any of that, the shareholders can only expect that every possible cent that can be recovered will be...
how strong the desire for all three to be bankrupted is will become evident in a very short period of time imho..
i would expect all shareholders agree that this should not be delayed and done immediately.

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Oh Dear... here's the ol 'instant cash' pleadings again.... all proceedings take years,, anyone in business knows this... these dudes are uber wealthy... they will settle on the steps of the courthouse in 2 years time... for sod all...imo.... the alternative is being bankrupted (a badge of honour in some jurisdictions), and XST getting zip having wasted millions in SH funds.... all games... strangely played I agree, but these guys will have a plan...imo.. I rather suspect an indicative offer may have been made already, circa $1m..... time will tell... and it is time XST do not have with Alvares funding looming....imo
DYOR

XST Price at posting: 1.1¢ Sentiment: None Disclosure: Not Held
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Ann: Legal Update on Singapore High Court Action, page-88

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Ann: Legal Update on Singapore High Court Action, page-88

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