Oz Minerals group class action 
Background
Slater & Gordon Lawyers has announced that it is investigating the commercial viability of a class action against Oz Minerals (ASX Code – OZL) (ISIN:AU000000OZL 8) (“the Company”) on behalf of shareholders. Our investigations are focused on whether the Company:
1. breached its continuous disclosure obligations;
2. in the process, engaged in misleading and deceptive conduct;
3. is liable to pay compensation to shareholders who have suffered loss and damage as a result of the conduct.
Based on our investigations to date, Slater & Gordon considers that there is a strong basis to contend that the Company misled the market from 28 February 2008 until it suspended trading on 1 December 2008.
More Information
If you acquired shares in the company between 28 February 2008 until 1 December 2008, and you would like more information, please contact Slater & Gordon on 1800 555 777 or click here to submit an online enquiry.
If you have registered your interest, it will allow Slater & Gordon to keep you informed about the matter as it proceeds but it does not make you a client of the firm, oblige you to join the class action or cause you to become liable for any legal fees. If you request, we will send you information about retaining Slater & Gordon, if the class action proceeds.
At this stage, Slater & Gordon is conducting discussions with a number of litigation funders. The provision of litigation funding will be subject to a sufficient level of interest in the proposed claim.
Chronology of Key Events
|
Date |
Information |
|
28/02/2008 |
Oxiana Ltd enters into refinancing agreement. US $560 million of non-current debt becomes current debt. No announcement made to the ASX. |
|
03/03/2008 |
Zinefex and Oxiana merger announced. Consolidated entity worth $12 billion |
|
18/07/2008 |
OZL officially launched following due diligence. OZL is reportedly the world’s second largest producer of zinc and a significant producer of copper with significant assets world-wide. |
|
July-December 2008 |
Weakening commodities prices result in the spot price of zinc falling to a third of what it was a year before. Similar falls in the price of copper. |
|
18/11/2008 |
(Undisclosed) margin call forces Owen Hegarty, a director and the former Chief Executive of Oxiana to sell 10 million shares worth $6.2 million. |
|
25/11/2008 |
Owen Hegarty retires from the board. |
|
28/11/2008 |
OZL announces it is in negotiations to refinance a $US 560 million. Shares suspended at 55 cents. |
|
30/11/2008 |
Deadline for refinancing passes without conclusion. |
|
01/12/2008 |
OZL shares suspended from trading for one month after OZL requests an unprecedented two (2) month trading halt. |
Key information
Class period: 28 February 2008-1 December 2008
Shares traded during Class Period: 5.1 billion
52 week high - low: $4.01-0.48 cents
Market capitalization as at close of trade (1 December 2008): $1.717 billion
Nature of for price sensitive material non-disclosures under consideration:
- non-disclosure of current liabilities;
- non-disclosure of refinance risk; and
- non-disclosure of insolvency risk.