COURT SETTLEMENT DOES NOT FAZE ‘GARBAGE KING’

Written on the 17 April 2012

COURT SETTLEMENT DOES NOT FAZE ‘GARBAGE KING’

DESPITE paying a $35 million legal settlement to aggrieved shareholders, Transpacific Industries Group (TPI) is still upbeat about 2012.

Kevin Campbell (pictured), CEO of the Milton-based waste management company, tells Brisbane Business News Transpacific is experiencing solid growth across all collection systems.

“We won new contracts in industrial work for clients, including Caltex. At the moment, we have secured 198 ongoing contracts, each running for five and seven years,” he says.

Shareholders collaboratively sued the ASX-listed company over alleged continuous disclosure breaches.

Litigation funder IMF, which financially backed the class action, speculates it will generate revenues totalling $13.1 million from the settlement if enough members agree to the offer and stop pursuing legal action against TPI.

The payout will be made in two tranches, the first $25 million of which will be paid in June 2012 with up to $10 million deferred until June 30, 2014.

Transpacific made no admission of liability, but agreed to settle for up to $35 million or about.

Chairman Gene Tilbrook reveals TPI opted for a structured mediation process due to the likely costs and uncertainties inevitably associated with claims of this nature.

“The negotiated settlement with members of the proposed securities class action will resolve this action, which grew out of events that occurred several years ago under management regime,” he says.

“The focus of the current Board and senior management continues to be firmly on building TPI into a world class management company.”


Latest News

BELLAMY'S FINDS EXPORTING BABY FORMULA INTO CHINA IS NO CHILD'S PLAY

BELLAMY'S (ASX: BAL) shares have suffered a 40 per cent drop in value today after the company hit a regulatory...

BRISBANE WATCH BRAND ADINA AIMS FOR ICONIC

ADINA watches is at a turning point in its history, 45 years after being founded by Robert 'Bob' Menzies i...

WHY YOU SHOULD CARE FOR YOUR BODY AS MUCH AS YOUR BUSINESS

ENTREPRENEURSHIP is a busy business. It can be all-consuming, but it is important not to neglect your health Y...

BULLETS BACK IN THE BUSINESS COMMUNITY

ALTHOUGH new to the current south-east Queensland sporting landscape, the Brisbane Bullets have a rich basketball ...

Related News

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

BIG W CEO QUITS AFTER 11 MONTHS

SALLY MacDonald has resigned as chief executive of BIG W ending her tenure at the helm of the struggling discount ...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter