05/07/2012 - 11:19

Murchison hit by $5m claim

05/07/2012 - 11:19

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Murchison hit by $5m claim

Murchison Metals has been hit with a multi-million dollar claim by one of its former advisers.

Murchison said it had received a claim from O’Sullivan Partners for fees payable for services provided to Murchison in connection with its strategic review of operations earlier this year.

The total amount of O’Sullivan’s claim is $5,077,162, in addition to $1.96 million in fees already paid.

Murchison said it would “vigorously defend” the claim, which is the second levelled at the company since the sale of its stake in the Jack Hills iron ore project and the Oakajee Port and Rail development to Mitsubishi earlier this year.

The company is yet to announce the result of a $6.8 million commissions claim lodged in May by Premar Capital.

Murchison is also just weeks out from a shareholder meeting to consider the return of $226 million leftover from the asset sale to shareholders.

At 11:00AM, WST, Murchison stocks were down 1 per cent, at 48 cents. 

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