Dec 21 (Reuters) - Watpac Ltd WTP.AX :
* Update on dispute with bc iron on nullagine iron ore project WTP.AX
* Has been pursuing its outstanding entitlements under the contract since August 2015
* "The board has determined that a conservative accounting position will be taken"
* Efforts to resolve the dispute have been unsuccessful and matter will now be progressed through litigation
* Says Watpac will provide for all amounts previously accrued in relation to this dispute in the group's 31 December 2015 financial result
* Group's underlying financial result for the 31 December 2015 half year will remain unaffected and despite this disappointing contractual dispute
Source text for Eikon ID:nASX3wsq4N