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Newland rejects Summit accusations, calls for project info

Perth-based uranium company Newland Resources Ltd has rejected allegations by Subiaco-based Summit Resources Ltd that it knowingly breached duties to it by signing a deal with former Summit chair Alan Eggers. Summit has mounted legal action against its former managing director, Mr Eggers, and Newland over a joint venture agreement signed between the two companies. In an announcement to the ASX, Summit alleged that a heads of agreement executed between the Eggers-controlled Summit and Newland during the takeover battle, purported to give Newland, a Perth-based uranium company, the right to be operational controller and manager of the joint venture should control of Summit pass to another entity.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
344thTalisman Mining21%24%
524thVital Metals-9%-2%
562ndTerrain Minerals-13%3%
621stSummit Resources-23%-34%
741stBlack Star Petroleum-50%-60%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Revenue

289th↑Summit Resources$31k
342nd↑Terrain Minerals$5k
343rd↓Black Star Petroleum$4k
345th↑Talisman Mining$3k
346th↓Vital Metals$3k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Summit Resources

873rdMalcolm Randall$56k
1182ndDavid Berrie$51k
Ranked by total remuneration from all listed WA companies

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