OZ Minerals reach Zinifex class action settlement

OZ Minerals have reached a settlement with a class action carried out by former Zinifex shareholders.

The action was initiated in 2009 on behalf of IMF clients who purchased OZ shares between 21 August 2008 and the end of November 2008.

The company alleged OZ engaged in misleading and deceptive conduct by not disclosing debt refinancing details, when it was formed by a merger between Oxiana and Zinifex in March 2008.

IMF alleged that the company failed to properly disclose the refinancing agreement when it entered it three days before the merger was announced.

After years of back and forth Oz Minerals has finally reached an in principle settlement with the applicant Mr. Mitic.

The trial has now been adjourned to enable the parties to negotiate settlement documentation and seek court approval.

However, if settlement documents are not executed by the parties or the settlement is not approved by the court, the trial will resume.

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