| ION Ltd MPA by the Shareholders |
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| Date of Funding: | 15 Feb 2005 |
| Plaintiff: | Shareholders of ION Ltd who purchased shares between 20 October 2003 and 7 December 2004. |
| Defendant: | ION Ltd |
| Court: | No proceedings. Proofs of claim have been lodged. |
| Cause of Action: | ION was a public listed company involved in the manufacture of automobile components at premises located both in Australia and overseas. Administrators were appointed on 7 December 2004, after the company's bankers cancelled their main lending facility.
Shareholders of ION are seeking to prove as unsecured creditors in the company's Administration, alleging that at the time they purchased shares ION was in breach of the continuous disclosure regime and had engaged in misleading and deceptive conduct. Breaches relate to statements and omissions which include the level of capital expenditure ION required to complete major projects; ION's capacity to generate sufficient revenue to meet its capital expenditure requirements; and the level of cost overruns and operating performance of certain projects. |
| Estimated Completion: | Dec 2009 |
| Important Date(s): | | 10-Feb-2006 : | Proofs lodged | | |
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| Current Stage: | No proceedings commenced but proofs lodged with Deed Administrator. The Deed Administrator is still investigating the facts relating to shareholder claims. Once the factual investigations are complete, the Deed Administrator has advised that he will need to seek directions from the court on various legal issues. |
| | Last Updated: 25/05/2010 |
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