find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Admiralty deal draws legal action

Admiralty deal draws legal action

Mining explorer Admiralty Resources has been hit with a shareholder lawsuit over its sale of an iron ore project to a mysterious company registered in the British Virgin Islands.

MINING explorer Admiralty Resources has been hit with a shareholder lawsuit over its sale of an iron ore project to a mysterious company registered in tax haven the British Virgin Islands. 


Slater & Gordon has today confirmed that it is investigating the company on behalf of one of its shareholders.

 

Slater & Gordon litigation lawyer Ben Phi said the firm had commenced legal action on behalf of shareholder David Hanks. He is seeking orders forcing the company to hand over documents relating to the $4 million deal last year and its rejection of a $6 million offer from a rival bidder. 

 

The firm’s investigations are centred on Admiralty Resources’ sale of the Chilean tenements to Icarus.

 

“Our client is concerned that Admiralty shareholders were not appropriately informed about the competing offer for the Chilean assets when they voted to approve the sale,” Phi said.

 

"He has repeatedly requested that Admiralty provide information about the due diligence that it conducted before recommending Icarus' offer as superior. Each request has been ignored or denied.”

 

Phi said the legal action was an example of an individual shareholder challenging an Australian listed company on its corporate governance, when the corporate regulator declined to do so.

 

"Listed companies have responsibilities to their shareholders and our client has the right to have his questions about this transaction and sale answered,” he said.

 

"Our client is applying for access to books and records that would finally shed some light on the reasoning behind the company’s actions.”


The shareholder told BusinessDay: "I want the truth."


"If there's nothing to hide all you have to do is say, 'David, come and have a look at the books, you're welcome'."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017


Admiralty deal draws legal action
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...