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The incident that gave rise to the claim occurred in 2004 when a fire on a nearby property damaged corporate property in West Africa.
The cash settlement, minus fees and taxes, will be given to the company in the upcoming weeks as a result of their active pursuit of the claim.
According to Perenti managing director Mark Norwell, “Since the foundation of Perenti little over three years ago, our devoted personnel have been methodically working through many legacy concerns, particularly related to the historical performance of the AMS business.”
“I am delighted that our team’s efforts have led to the resolution of this long-standing damage claim, bringing to the firm about $10 million in cash and an increase in FY23 statutory earnings,” the author said.
In a recent debt refinancing, the corporation obtained a fresh $420 million credit from a group of banks.
Shares of Perenti increased by 2% to 61.7c. For Perenti, Argonaut has a buy rating and a $1.25 price target.
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Construction, Infrastructure and Mining
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