Page 125 - Sundance Resources Ltd Annual Report 2013

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2013 123
NOTES TO THE
FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 30 JUNE 2013
Note 30. PARENT ENTITY FINANCIAL INFORMATION
2013
$
2012
$
Financial Position (as at 30 June)
Current assets 20,141,382 60,267,517
Non-current assets 303,960,300 264,181,638
Total assets 324,101,683 324,449,155
Current liabilities 7,427,056 2,014,452
Non-current liabilities - -
Total liabilities 7,427,056 2,014,452
Net assets 316,674,627 322,434,703
Shareholders’ equity
Issued Capital 408,971,476 402,462,737
Share based payments premium reserve 21,671,649 19,319,232
Transactions with non-controlling interests reserve (11,060,000) (5,600,000)
Accumulated losses (102,908,498) (93,747,266)
Total equity 316,674,627 322,434,703
Financial Performance (for the year ended 30 June)
Loss for the year (9,161,232) (8,713,345)
Total comprehensive income (9,161,232) (8,713,345)
Contingent Liabilities
Congo Aircraft Incident
On 19 June 2010 all directors of the Company died in the Congo aircraft incident. The enquiry into the events
has not yet concluded and may give rise to further costs, which in turn, may or may not lead to further costs being
incurred by the Consolidated Entity.
As previously advised in the 2012 Annual Report, Cam Iron SA was notified of a legal claim in Cameroon on behalf
of the families of persons lost in the Congo air incident of 2010. The claim lapsed. However an application to revive
the claim has been brought in a Cameroon Court. Cam Iron SA will continue to defend any claim against it.
In July 2013 legal action in the UK High Court on behalf of the Cassley family was served on the Company.
Mr James Cassley was an employee of the investment company GMP Securities Europe LL. GMP is the First
Defendant in the action and Sundance is the Second Defendant. The losses claimed in the process are put at
a total of 6,236,844 pounds. Sundance has appointed legal advisors and is defending the action.
In June 2013 the Company was informed of court process filed in the US state of Illinois on behalf of the estates
and survivors of John Jones, Don Lewis, Geoff Wedlock, John Carr-Gregg, Natasha Flason and James Cassley.
These proceedings have not been served on Sundance.
Hold Co v Cam Iron SA
On 6 August 2012 Cam Iron SA received a claim from Hold Co SARL returnable in the Yaounde High Court.
Hold Co claims to have an entitlement to a 7 per cent interest in Congo Iron SA via Cam Iron SA’s interests.
The transaction by which Cam Iron SA acquired its interests in Congo Iron SA was disclosed in an ASX
announcement dated 10 October 2008.
On 27 August 2013, Cam Iron SA and Sundance reached an out of court settlement with Hold Co SARL and its
permanent representative and former CEO of Cam Iron SA, Mr Roger Bogne. As a result, one million Sundance
shares will be issued to Mr Bogne, and, subject to fulfilling certain conditions, Sundance will pay cash settlement
amounts to Hold Co and Mr Bogne. Payment of these amounts is expected to occur by mid-October 2013.