This matter is set down for a full court hearing on Monday and...

This matter is set down for a full court hearing on Monday and Tuesday and the appeal books (legal documents setting out arguments for appeal) have been filed.

Whilst I acknowledge that I didn't think it would happen, it now looks like the appeal will be heard and the outcome known before 15 May.

Therefore, the next few weeks will be very interesting.

If the original judgement is upheld, then a liquidator will be appointed to BMG. This should facilitate a buy back of the Hawsons project by CAP (question remains how they will fund this / who will be the new JV partner).

If the original judgement is overturned, we will have to wait and see what the outcome is. However, BMG will need to act quickly and pay $25M prior to 15 May if they wish to retain their interest in the JV.

Whilst the future is uncertain, I have a positive feeling. At the very least, the BMG litigation will be over. However, I think a $25M payment and progress on the JV (with whoever the JV partner is) is more likely by the end of May.