IMF Bentham (ASX:IMF) reaches binding settlement agreement regarding Bellamy's class action

Company News

by Rachael Jones

Further to the announcement made on 5 November 2019 that an in-principle settlement of the securities class action against Bellamy’s Australia (ASX:BAL) had been reached, IMF Bentham (ASX:IMF) says it has progressed to an executed binding settlement agreement.

The claim alleges that Bellamy's made misleading representations to the market about its growth strategy in China and also failed to keep the market informed about its declining market share in Australia during 2016.

The settlement is subject to court approval.

IMF currently expects to generate gross income of up to approximately $12 million, including reimbursement of project costs.

IMF will provide further information in relation to the settlement, including the final gross income and profit figures, upon approval of the settlement by the Court.

This investment is part of IMF’s on-balance sheet portfolio.

Shares in IMF Bentham (ASX:IMF) closed 0.29 per cent lower at $3.47.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.