KRL - Kangaroo Resources

[noirua]

There MAY be some underlying important reasons why PT Bayan are interested in acquiring Kangaroo Resources KRL that is more about the court tussles with White Energy WEC which are ongoing since November/December 2011 and the freezing order confirmed by High Court in Canberra on PT Bayan's 56.05% interest in KRL.

$1.1b dispute is first case heard - 22 November 2015
The Republic's first international commercial court case is under way and has made history with two distinguished international judges sitting with a presiding local judge to hear a US$800 million (S$1.1 billion) dispute.
http://www.asiaone.com/singapore/11b-dispute-first-case-heard

THE SINGAPORE INTERNATIONAL COMMERCIAL COURT OF THE REPUBLIC OF SINGAPORE.
JUDGMENT - 25th July 2017.
BCBC Singapore Pte Ltd and another v PT Bayan Resources TBK and another
Http://www.sicc.gov.sg/HearingsJudgments.aspx?id=72
Http://www.sicc.gov.sg/documents/judgments/2017_SGHC(I)_06.pdf

Bayan have appealed the Tranche 2 decision. The Appeal was heard in February 2018.
The White Energy Group had invested over US$110 million in the Tabang project in Indonesia up until 2012 when BR repudiated the joint venture. Substantial legal costs have also been incurred in relation to the proceedings to recover damages from Bayan.

After the appeal judgement, White Energy will prepare for the third tranche of the proceedings, seeking damages and costs.
Page 4 of 9: Http://www.whiteenergyco.com/wp-content/uploads/2017/11/Quarterly-Activities-and-Cashflow-Report-App-5B.pdf

 

[explod]

Something brewing here in my view. Pre market today indicating strength. Some very big buys yesterday at ,091. We'll see. DYOR

 

[explod]

Bayan buying KRL out at 15 cents

After 8 years get our money back. The rampers got us on this and many unfortunately sold for a few cents.

 

[barney]

Something brewing here in my view. Pre market today indicating strength. Some very big buys yesterday at ,091. We'll see. DYOR

Call of the month Explod …… I missed your post on Tuesday …. My loss

 

[noirua]

KRL continues trading at a 16% to 20% discount to the bid price by Bayan of 15c a share. The new upcoming court case being brought by White Energy WEC seeking to freeze all KRL's shares in WA courts is set to drag this spectacle on and on.
The court in Singapore is due to announce causation in Bayan's struggle with WEC. Then moves on to Tranche 3 the award. Bayan have basically lost the case.
The battle lines were drawn back in 2011 and still there is no sign of a truce.

Should WEC and KRL shares be suspended pending the outcome?

 

[System]

On December 12th, 2018, Kangaroo Resources Limited (KRL) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between KRL and its shareholders in connection with the acquisition of all the issued capital in KRL by PT. Bayan Resources, Tbk.