Kathmandu commences litigation in NZ High Court

Company News

by David Chau

Kathmandu Holdings Ltd (ASX:KMD) is suing Briscoe Group Limited in the NZ High Court.

The company is seeking to recover costs that it incurred as a result of Briscoe’s failed takeover bid last year.

Kathmandu says it incurred significant costs, around $2.7 million NZD and $446,000 AUD, defending the takeover bid.

The company also says Briscoe made a without prejudice payment of around $638,000 last month, in an attempt to settle the claim.

However, Kathmandu’s position is that the full amount is recoverable, and is therefore pursuing Briscoe for the outstanding balance.

Kathmandu reported a net profit of $8.6 million at 31 December 2015.

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