Bell Potter is doing the STP. No mention of early termination...

First 10 Last

Share
Profile

Follow
g12m0

1,376 Posts.

8

19/04/18

22:17

Post #: 32571373
Share

Originally posted by Amused observer ↑

I agree in regards closing up a company however in this case it is unbundling the STP which may well have early termination fees attached to it for the STP manager / administrator (Macquarie from memory), delisting the Trust from the ASX and then absolving the Unit Trust and closing off the associated Responsible Entity but even this cant be finalised until the final settlement amount for the MG Cooperative is resolved as finalising of the accounts will be required as part of that will be distributed to the Unit Trust unit holders. So it is left hanging and incurring costs to merely exist until the remaining legal matters are put to rest and the MG Cooperative can do a final set of accounts and determine remaining costs and what the final distribution will be. It will only take one case to be delayed to hold up the whole process.

I thought there were two ACCC actions against MGC with one already settled (civil charge against the cooperative) and the other is a criminal matter against individuals or possibly their Professional Indemnity if it covers the charges. Our legal eagles in here may correct this but I though the PI insurance would have an arrears cover for a certain period so this may ease any potential delay if it was only this matter holding up the closing up of MGC.

Either way the sun is well on the way to setting on the largest dairy cooperative in this country and that it is all a bit sad to watch.

Expand

Bell Potter is doing the STP. No mention of early termination fee in any documents on MG asset sale.
There are two court actions left. ACCC as you have said and the class action Webster vs MG handled by Elliott Lawyers. Slater and Gordon is about to start another class action similar to Webster vs MG.
A lot of the claims from the class action are relying on the ACCC case. That is the reason ACCC case has to be heard first.

MGC Price at posting: 94.5¢ Sentiment: Buy Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

KAO

High-grade copper & tungsten results strengthen Karibib opportunity

Expert Exchange: Gold's record run (and a look at key risks) with David Sokulsky

LISTEN: HotCopper's Penny Drop Podcast #1 – Uranium deals, PFS misses, & an Ebola opportunity

Australian resource exploration spending a 'mixed bag' on back of Middle East crisis

LISTEN: HotCopper Wire Podcast #053 – Safer bet to put cash in Pokémon trading cards

First 10 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Bell Potter is doing the STP. No mention of early termination...

Top Stories

High-grade copper & tungsten results strengthen Karibib opportunity

Expert Exchange: Gold's record run (and a look at key risks) with David Sokulsky

LISTEN: HotCopper's Penny Drop Podcast #1 – Uranium deals, PFS misses, & an Ebola opportunity

Australian resource exploration spending a 'mixed bag' on back of Middle East crisis

LISTEN: HotCopper Wire Podcast #053 – Safer bet to put cash in Pokémon trading cards

Featured News