EQT issue emerges for Diversa/OneVue transaction

20 June 2016
| By Mike |
image
image
expand image

Barely a week after announcing the transaction leading to its acquisition by OneVue, Diversa Limited has been notified by the Australian Securities Exchange (ASX) that it may have an unresolved legal issue with Equity Trustees pertaining to a superannuation fund. 

Diversa has acknowledged receiving correspondence from Equity Trustees relating to a "potential claim" relating to "actions taken or omitted to be taken by Diversa in its role as administrator of the Progress Superannuation Fund in 2009". 

Equity Trustees is the trustee of the Progress Superannuation Fund. 

In a statement released on the ASX, Diversa said the notice received from Equity Trustees was "vague in its terms and failed to particularise the details of the alleged actions and omissions of Diversa". 

It also noted that no demand for payment had been received from Equity Trustees and that the company had also not indicated when it would be commencing proceedings in relation to the claim. 

"In the event that EQT does initiate proceedings against Diversa in respect of the potential claim, the Diversa board has formed the view, based on the limited information in the notice received from EQT and its knowledge of any potential claims to date, that such events are unlikely to amount to a "Material Adverse Effect" for the purposes of the scheme implementation deed entered into between Diversa and OneVue Holdings Limited on 14 June, 2016," the ASX statement said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Long-term investors face a critical decision – stay the course or pivot, says leading economist Shane Oliver....

6 hours 58 minutes ago

More Australians are turning to exchange-traded funds (ETFs) to grow their retirement savings, as evidenced by a series of recent product launches....

7 hours ago

Superannuation trustees are failing grieving Australians, with an ASIC review uncovering excessive delays, poor service, and systemic failures in processing death benefit...

9 hours ago

TOP PERFORMING FUNDS