VOLT FILES WRIT IN RESPECT OF THE WESCONE ACQUISITION
Volt Power Group Limited (Volt) provides the following update with respect to
its Wescone business acquired in January 2018 (Wescone Acquisition).
Volt confirms that it has filed a Writ against the vendor of Wescone Distribution
Pty Limited (Wescone) in the Supreme Court of Western Australia (Wescone
Writ).
The Wescone Writ seeks a Court Order for damages including interest and
costs for Breach of Contract and/or that agreements relevant to the Wescone
Acquisition are void for misleading and deceptive conduct and all purchase
monies be refunded.
The Wescone Writ has been filed on the basis that material information in
relation to the BHP relationship with Wescone was not disclosed to Volt prior
to Wescone Acquisition Completion. Volt subsequently announced to the ASX
on 11 September 2018 that BHP had advised Wescone that its crusher repair
services were no longer required.
The Volt Board will update shareholders with respect to any material
developments relating to the Wescone Writ as and when they occur.
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