Omni Bridgeway (ASX:OBL) provides update on QLD floods appeal

Company News

by Lauren Evans

In relation to the Brisbane Floods class action, Omni Bridgeway’s (ASX:OBL) leave to appeal to the High Court of Australia is scheduled to be heard on April 12.

This comes after the NSW Supreme Court decided against the appeal in favour of Seqwater, a state-owned enterprise of Queensland.

Omni Bridgeway said the Court of Appeal decision reversed the first instance finding of liability against Seqwater in relation to the operation of the Wivenhoe and Somerset Dams in 2011.

It also said if the leave application is granted, then the High Court will determine the appeal in a separate hearing which is likely to be heard in FY23.

Shares in Omni Bridgeway (ASX:OBL) are trading 1.2 per cent lower at $3.30. 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.