PERTH (miningweekly.com) – Mineral sands miner Iluka on Tuesday said that it would defend itself against a class action launched by shareholders.
The company said that a number of shareholders have launched a class action in the Federal Court of Australia, claiming breaches of continuous disclosure obligations, as well as misleading and deceptive conduct relating to disclosures made by Iluka to the market between April and July 2012.
During that time, Iluka announced the refinancing of its debt through a series of five-year bilateral revolving credit facilities totalling A$800-million, a well as updating the company’s production and earnings guidance for the 2012 financial year.
Iluka on Tuesday denied any liability in respect of the allegations, telling shareholders that it would defend itself, should the proceedings go ahead.
Although the proceedings have started, the applicant’s third-party litigation funder has not yet determined if it will unconditionally fund the proceedings.