Metyor commenced proceedings against BOQ on 24 April 2001 for, amongst other things breach of contract and failure to act in good faith in relation to the operation of a joint venture company [JVCO], and is seeking specific performance of BOQ's obligations under the terms of the Shareholders and Subscription Agreement for JVCO dated 31 March 2000, and in the alternative damages.
Background to this claim is given in Metyor's filing of 20 November 2001, available at this internet address:
www.bsx.com/cgi-win/bermuda-inc.exe/bsx-read-news=READ=1006280084
Copies of Metyor's evidence can be obtained by applying to the Supreme Court of Queensland
The evidence includes:
§ A report by an independent expert that assesses the losses suffered jointly by the joint venture partners Talisman Technologies Inc and Saracen Financial Services Limited, at $AUD87.7 million, based on the initial installation of 300 ATMs by JVCO and a conservative estimate of the number of transactions processed by each of the ATMs installed. The losses suffered jointly by the joint venture partners Talisman Technologies Inc and Saracen Financial Services Limited rises to $AUD386.5 million if the projected 1000 ATMs had been installed by JVCO.
§ Affidavits from the former Chief Information Officer of the Bank of Queensland, Richard Maes, describing the BOQ's investigation of the feasibility of the project, the status of JVCO's business plan and budget at the time the BOQ sought to withdraw from the project, BOQ's involvement in the financing of the project, and the level of understanding by the senior management team at BOQ as to how the project was proceeding.
§ BOQ documents indicating the understanding and involvement of BOQ executives in the project.
The claim is set down for hearing in the Supreme Court of Queensland commencing on 29 July 2002, and is expected to run for six weeks.
Metyor has provided a bank guarantee for $AUD360,000 as security for BOQ's costs should Metyor's claim not be successful.
Metyor's ongoing business operations are not expected to be affected by the conduct of the court case.
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M J Milne
Chairman
For further information please contact:
Bob Pritchard
Ph. +61-2-9960 6000
Mob. +61 413 825 552
Bob.Pritchard@communecom.com.au
For more information on the Bermuda Stock Exchange (BSX), contact Christopher Dill at 1-441-292-7212 or info@bsx.com. Information is also available at bsx.com on Bloomberg at BSX , and on Reuters at THE BSX.