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BRIEF-Sundance Resources says litigation claims settled with David Porter

Published 18/01/2016, 09:24 am
© Reuters.  BRIEF-Sundance Resources says litigation claims settled with David Porter
SDL
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Jan 18 (Reuters) - Sundance Resources Ltd SDL.AX :

* Litigation claims settled with David Porter

* Rights issue to raise up to $16.5 million

* Implementation of further cost reduction initiatives

* Plaintiffs are seeking damages in lieu of specific performance assessed at $9 million plus interest at 6% p.a. since 2007 and costs

* Says any retrial would not be expected to proceed until later in 2016

* Settlement with Porter and aai totals $11.5 mln

* Cost reduction include reduction in remuneration and size of board; significant scale-back of employees, overheads, activities in Perth, Cameroon, Congo

* The company is targeting an 80% reduction from the previously planned spend

* "The decision to reduce staff is difficult but necessary"

* No orders have been made yet in relation to either interest or costs however these are estimated to be in the order of $3 million

* Source text for Eikon ID:nASX61NQnr

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