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Microsoft Word - 20150312 Chimaera Final Update.docx
Kangaroo Resources Limited
ABN: 38 120 284 040
ASX Code: KRL
ASX RELEASE 12 March 2015
KANGAROO RESOURCES LIMITED - CHIMAERA LEGAL ACTION
Kangaroo Resources Limited (ASX: KRL) ('the Company') advises that, following on from the successful verdict issued in favour of the Company on 16 September
2014, the Supreme Court of Victoria (Court of Appeal) has now dismissed the appeal commenced by the Plaintiffs (Chimaera Capital Markets Pte Ltd and Empire Equity Limited) and ordered the Plaintiffs to pay the Company's costs of the appeal. These orders were made on 10th March 2015.
The Company is pleased that this brings over 21 months of legal uncertainty to a close, and puts an end to the Company being required to incur significant legal costs defending the Plaintiffs' actions.
The Plaintiffs had previously lodged $375,000 as security for the Company's legal costs with the Court and we are pleased to report that these funds have now been transferred to the Company as part payment against its legal costs in defending the original proceedings.
The Company intends to continue its efforts to recover further outstanding monies awarded to it by the Court along with its legal costs. However, it should be noted that Chimaera Capital Markets Pte Limited based in Singapore has recently gone into liquidation and Empire Equity Limited based in Seychelles is in default of a statutory demand to pay the outstanding monies that it owes to the Company.
Other than the Company's ongoing efforts to recover the monies owed to it by judgment of the Court, the Company considers the case closed and no further announcements are anticipated.
Ian Ogilvie
Managing Director
Kangaroo Resources Limited
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Kangaroo Resources
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EXPLORATION STAGE |
CODE : KRL.AX |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Kangaroo Resources is a exploration company based in Australia. Its main exploration properties are MT RUBY in Australia and GPK, KUBAH INDAH, MBK & BP, JAWANA & BORAMI, MAMAHAK and TANUR JAYA in Indonesia. Kangaroo Resources is listed in Australia. Its market capitalisation is AU$ 498.0 millions as of today (US$ 358.8 millions, € 316.8 millions). Its stock quote reached its highest recent level on December 31, 2010 at AU$ 0.25, and its lowest recent point on August 31, 2016 at AU$ 0.00. Kangaroo Resources has 3 434 429 952 shares outstanding. |