I have received word from a litigation funder that if we can get some interest from shareholders we will get preliminary funding to investigate the possibility of a class action. From what I can see so far there are serious questions around why that offer to acquire DML was not recommended to be accepted more forcefully (or at all) and that begs the question what was in it for the directors to recommend rejecting the offer?
My name is Lachlan Lamont. I work at Piper Alderman in Brisbane. We have just done this same thing for shareholders of Kagara Limited (KZL). Check out this link: http://www.imf.com.au/cases/detail/kagara-limited-class-action Also, look on this site under "KZL" and you will see that we got it off the ground through these threads. "BerlinBusiness" was a great help.
FYI, when a funder gets involved in these types of actions shareholders are asked to give up a percentage of their claim to the funder in return for the funder taking on all the costs and risks of the litigation/investigation. This would be the same deal. It is good because there is no out of pocket expenses for shareholders but it comes at the cost of giving up maybe 35-40% of your claim. In any event, some recovery is better than none.
IMF is not the funder on this one but if anyone is interested could you please contact me so I can show the funder there is some support out there? My email address is [email protected] or call me on (07) 3220 7710
Cheers
Locky.
DML Price at posting:
1.9¢ Sentiment: Sell Disclosure: Not Held
