Slater and Gordon Limited (ASX: SGH) advises that, at a hearing held today in the Federal Court of Australia, the Court approved both of its creditors’ schemes of arrangement, one between the Company and its senior lenders to give effect to the and the other between the Company and its shareholder claimants to give effect to the Hall Proceeding Settlement and to also settle all other shareholder claims against the Company.
The Company expects to lodge a copy of the Court orders approving the Schemes with the Australian Securities and Investments Commission on Friday, 15 December 2017, at which time the Schemes will become effective. Following this, the Company will proceed to implementing the Schemes.
The Company further advises that the Court today also made orders approving the Hall Proceeding Settlement on the terms announced to the market on 11 July 2017. The Court made a provisional award of legal costs and litigation funding fees of $4 million and $4.5 million respectively in favour of the Hall Proceeding group members and will determine claims for the balance of the further $5.3 million in legal costs and $8 million in litigation funding fees sought in the Hall Proceeding. The Hall Proceeding has now been dismissed. The Hall Proceeding Settlement will be implemented by the Shareholder Claimant Scheme.
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