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Firepower settles

BENTLEY-BASED fuel additives manufacturer Firepower has agreed to settle out of court with the wife of a former chief executive, who claimed her shareholding in the company had vanished after a 2004 corporate restructuring. Firepower Holdings Group Limited chairman Tim Johnston and director Gordon Hill have agreed to pay Rhonda Nairn, wife of oil and gas executive Trevor Nairn, an undisclosed amount of money and shares. Mrs Nairn was represented in the Supreme Court matter by Steven Penglis of Freehills. A confidentially clause inserted by solicitors from Maxim Litigation prevents the disclosure of precise details of the settlement. The settlement comes almost three months after Mrs Nairn claimed that Firepower Holdings Ltd, in which she allegedly held 12.5 million shares on behalf of her husband, no longer appeared to be the ultimate holding company for the Firepower group of companies. Instead, she claimed, it had been replaced in 2005 by Firepower Holdings Group Ltd, a company incorporated in the British Virgin Islands. Firepower is better known as sponsor of the Western Force rugby union club and as a naming rights sponsor of the Sydney Kings basketball team.

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