Business
DGR Global obtains successful Court of Appeal decision setting aside orders requiring DGR to pay security for costs
DGR Global obtains successful Court of Appeal decision setting aside orders requiring DGR to pay security for
About this update from Dgr Global Limited
[{"type":"text","content":"\nIn December 2023, DGR Global Ltd (DGR) commenced legal proceedings in the Supreme Court of Queensland in relation to the administration and receivership of the Armour Group (Proceeding).\nDGR refers to its previous Quarterly Reports, Half Yearly and Annual Reports advising on the Proceedings.\nAs set out below, DGR has been successful in obtaining a decision from the Court of Appeal that sets aside a decision of the Supreme Court requiring DGR to provide $3,460,000 in security for the defendants' costs of the Proceeding. In December 2024, the defendants filed various applications for security for costs seeking orders that DGR pay security for the defendants' costs on the alleged basis that there was reason to believe that if DGR is ultimately unsuccessful in the Proceeding it would be unable to pay an adverse costs order when it likely falls due (Security for Costs Applications).\nOn 15 January 2025, the Supreme Court ordered DGR to provide $3,460,000 as security for costs of the Proceedings by 4pm on Friday 14 March 2025 in a form acceptable to the Registrar (Security for Costs Decision). On 10 February 2025, DGR filed a notice of appeal with respect to the Security for Costs Decision. On 18 February 2025, the Supreme Court vacated April and May trial dates because of the appeal. The Proceeding has been stayed since this date. Today, the Court of Appeal unanimously decided to allow DGR's appeal and set aside the Security for Costs Decision. DGR was also awarded its costs of the Security for Costs Applications and the appeal.\nIn summary, the Court of Appeal concluded that there was no reason to believe that DGR will be unable to pay the defendants costs if ordered to pay them and the defendants' inordinate delay in making the Security for Costs Applications warranted their refusal.\nThis ASX Announcement was authorised by the DGR Board of Directors Geoff Walker Company Secretary ABOUT DGR GLOBAL LIMITED DGR Global's business involves the creation of resource exploration development and mining companies. The business uses the skills of a core team of talented geoscientists to identify resource projects capable of yielding world class discoveries of attractive commodities. This is achieved through: The identification of commodities with a favourable 20-year price outlook.t Geological terranes with: A demonstrated strong endowme...