OZ Minerals faces action

OZ Minerals is facing a class action suit from litigation funder IMF Australia on behalf of its shareholders, the company said in a statement yesterday.

The action alleges the company engaged in misleading and deceptive conduct by not disclosing debt refinancing obligations when it was formed as a result of a merger between Oxiana and Zinifex in March this year.

The company denies any wrongdoing.

“OZ Minerals wishes to state categorically that it absolutely refutes any assertion or allegation that it has engaged in misleading or deceptive conduct or has in any other way acted other than in compliance with the Corporations Act, the ASX Listing Rules, or other than in the best interests of its shareholders,” the company said.

“The Company will vigorously defend itself against the legal action proposed by IMF if and when any such action is taken against the Company,” OZ Minerals’ chief executive officer and managing director Andrew Michelmore said.

According to the company, OZ Minerals is yet to receive any statement of claim or other document from IMF, but understands they plan to employ law firm Maurice Blackburn to pursue the planned action.

OZ Minerals’ shares were halted from trading on November 28 due to concerns about the company’s ability to refinance US$560 of debt.

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