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BRIEF-Omni Bridgeway Ltd Updates On Wivenhoe Class Action Mediation

Published 26/02/2021, 12:29 pm
Updated 26/02/2021, 12:30 pm
© Reuters.

© Reuters.

Feb 26 (Reuters) - Omni Bridgeway Ltd OBL.AX :

* UPDATES ON WIVENHOE CLASS ACTION MEDIATION

* MEDIATION RESULTED IN SETTLEMENT WITH STATE OF QUEENSLAND AND SUNWATER, IN AMOUNT OF A$440MLN

* CASE AGAINST STATE OWNED ENTERPRISE SEQWATER HAS NOT SETTLED AT THIS STAGE

* INTENDS TO DERECOGNISE PORTION OF ITS INVESTMENT ATTRIBUTABLE TO SETTLEMENT THIS FINANCIAL YEAR

* TO RECOGNISE INITIAL INCOME OF ABOUT $30 MILLION THEREBY GENERATING PROFIT OF ABOUT $11 MILLION ON PROJECT COSTS & THIS FY

* UPPER LEVEL OF PRIOR POTENTIAL INCOME RANGE FOR INVESTMENT, OF A$130 MILLION-A$170 MILLION, TO BE MORE LIKELY AND TO BE CONSERVATIVE

* THERE IS NO SETTLEMENT AT THIS STAGE OF 50% PORTION OF LIABILITY ALLOCATED TO SEQWATER

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