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BRIEF-OZ Minerals updates on class action proceedings filed by former Zinifex shareholders

Published 15/06/2016, 02:36 pm
© Reuters.  BRIEF-OZ Minerals updates on class action proceedings filed by former Zinifex shareholders
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June 15 (Reuters) - OZ Minerals Ltd OZL.AX :

* Class action settlement

* Has reached a binding agreement to settle the class action proceedings that commenced in the Federal Court Of Australia on 25 February 2014

* Settlement was agreed to avoid the litigation risk and significant expense of a lengthy trial

* Class action proceedings were filed by former Zinifex shareholders who held Zinifex shares on 1 July 2008

* Agreed settlement amount is $32.5 million of which Oz minerals' net contribution to settlement is $24 million

* Settlement payment will be recorded in 2016 FY results, settlement expected to occur in second half of financial year

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