Australian Securities Exchange Notice
24 April 2018 ASX: ILU
CLASS ACTION UPDATE
On 23 April 2018 Iluka Resources Limited (Iluka) was served with an originating application and statement of claim in respect of a shareholder class action filed in the Federal Court of Australia naming Iluka Resources Limited as respondent (proceedings).
The proceedings are brought by a group of Iluka shareholders with respect to alleged breaches of Iluka's continuous disclosure obligations and misleading and deceptive conduct in relation to disclosures Iluka made to the market between the period April to July 2012.
Although the proceedings have been commenced, the applicant's third party litigation funder, Harbour Fund II L.P., has not determined whether to unconditionally fund the proceedings. These matters are explained in the attached letter from the applicant's lawyers.
Iluka denies liability in respect of the allegations and will defend the proceedings should they proceed.
Investment market enquiries: | Media enquries: |
Adele Stratton General Manager Finance and Investor Relations Phone: + 61 (0) 8 9360 4631 Mobile: +61 (0) 415 999 005 Email:adele.stratton@iluka.com | Luke Woodgate Manager, Corporate Affairs Phone: + 61 (0) 8 9360 4785 Mobile: +61 (0) 477 749 942 Email:luke.woodgate@iluka.com |
Iluka Resources Limited • ABN 34 008 675 018 • Level 23 140 St Georges Terrace Perth WA 6000
GPO Box U1988 Perth WA 6845 • T +61 8 9360 4700 • F +61 8 9360 4777 •www.iluka.com
Our Ref: ACA001
23 April 2018
Mr Jason Betts and Mr Ante Golem Herbert Smith Freehills
GPO Box 128A MELBOURNE VIC 3001
By Email:jason.betts@hsf.com, ante.golem@hsf.com
Dear Colleagues
NSD576 of 2018 James Bonham as Trustee for Aucham Super Fund v Iluka Resources Ltd
Please find enclosed by way of service an originating application and statement of claim filed in the Federal Court against Iluka Resources Limited. The first case management hearing for the proceeding has been set down for 15 May 2018.
Although the applicant has filed this proceeding, the applicant's third party litigation funder,
Harbour Fund II L.P., is still determining whether to unconditionally fund the proceeding. The proceeding has been filed prior to the funder confirming its position in order to protect group member claims from arguments arising form the passing of any applicable limitations period.
To avoid incurring unnecessary costs in the event that the funder decides that it will not fund the proceeding (in which case the applicant will most likely seek to discontinue it), we request that Iluka Resources takes no action in relation to the proceeding until the funder has confirmed its position. We will notify you of the funder's position as soon as possible, and by no later than 11 May 2018. We confirm that we will not take any point concerning your client's inactivity prior to it being informed that funding is confirmed.
In the circumstances, we think it is appropriate to delay the first case management conference until your client is provided a reasonable opportunity, after confirmation of the funder's position, to consider the pleading and (if your client so desires) to engage with our client as to potential settlement. We suggest that the parties approach the Court for a date in the week commencing 28 May 2018.
Please let us know if you agree with this approach.
Yours faithfully
ACA Lawyers
Craig Allsopp Principalcraig.allsopp@acalawyers.com.au
2
Attachments
- Original document
- Permalink
Disclaimer
Iluka Resources Ltd. published this content on 24 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 April 2018 23:56:10 UTC