Rubicon

[ari]

Anyone else here have an inkling about this employee action against Arborgen? US$43m and now a further US$10m sought. Origins 2010.

Not a hint of this in the accounts for as long as I've been reading them , and yet if RBC's 30% interest in Arborgen warrants NZX disclosure of these developments now, how is it that some sort of note or contingency has not been necessary in the past?

I am starting to think that all this fluff about floating Arborgen when the time is right is absolute BS. No way could they float with this thing around the corner.

These guys snoozing away in the RBC boardroom year in year out - what do they do exactly?

Exactly psychic...nothing mentioned in the a/c's, then have the audacity to say 'not price sensitive' !

[ari]

Did not realise it goes back to 2010!
On November 24, 2010, several of our employees filed a Complaint in the First Judicial Circuit of the Court of Common Pleas in South Carolina, which was replaced on November 29, 2010 with an Amended Complaint. The suit named as defendants us, our current directors, certain of our current officers, certain of our former directors and officers and a number of other parties, including thirteen of our current employees. In January 2011, the thirteen current employees were dismissed from the suit. The suit alleges that the plaintiffs and certain other of our current employees have rights based on a document that the plaintiffs allege provides for larger potential payouts to employees than the incentive plan that we actually adopted. The plaintiffs seek relief through a declaratory judgment, specific performance, an accounting and monetary damages. We intend to vigorously defend this suit.

[ari]

Tenon going well but why the hangup on RBC?

[iceman]

Tenon going well but why the hangup on RBC?

At least we are seeing a bit of volume going through on RBC and up 10% last couple of days. TEN up again today but on next to no volume. Mind you difficult to buy TEN as sellers are almost non existent.

[GTM 3442]

So, it's official. Instead of yesterday's jam today, we we will get today's jam tomorrow. Yippee!

[iceman]

So, it's official. Instead of yesterday's jam today, we we will get today's jam tomorrow. Yippee!

Have just read the CEO´s and Chairman´s reports and think you´ve summed them up very accurately GTM. Disappointing. Luckily we are getting some dividends from TEN to fund the ongoing cashburn from ArborGen !

[ari]

Confirmation on Arbogen just released....16 December 2015 – Consistent with previous announcements in relation to the on-going
ArborGen employee matter (including the Chairman’s presentation at the Company’s ASM
earlier this month), Rubicon announced today that the South Carolina lower court had
signed an order in favour of the nine plaintiffs, awarding damages of US$43 million plus
costs and interest of US$10 million from ArborGen, the three partner defendants (including
Rubicon), and their past and present representatives (jointly and severally). Rubicon
repeated that the intention is for ArborGen and each of the three partners to vigorously
appeal the lower court’s decision, and that they had been advised such appeals process
could take a considerable period of time to be determined.

[beetills]

I like the way in which the NZX list the announcement as ""not price sensitive""".
I would think that the announcement would stop everyone except the very brave and those in the know from buying in.
Meanwhile the long standing shareholder waits and waits.It won;t happen overnight but hopefully it does happen..

[winner69]

What is the court case all about?

[ari]

What is the court case all about?

From statutory report 2015....5.1(c) Other risks
A small group of ArborGen’s present and former employees have taken a lawsuit against ArborGen, its partner companies and its (current
and former) directors and offi cers, in relation to possible incentive payments to be made upon an IPO or sale of ArborGen (or a sale of all
or substantially all of its assets). ArborGen and its partners have vigorously defended this action. Whilst the initial court proceedings were
concluded in January 2015 and fi nal submissions were made in June 2015, the legal outcome is unknown as at the date these fi nancial
statements are signed, and is likely to remain unknown for some time

Still does not say a lot.....so much for 'Strategic review' for looking at ways to lift share value.

So the way I see it, the claim is for something that could 'possibly' happen in the future.......mind you it is the US of A!