Spotless Group Holdings Ltd Legal shareholder class action against the group
Legal shareholder class action against the group: Spotless Group Holdings Ltd (ASX: SPO) fell over 5.1% on January 30, 2017 as the group announced about noting IMF Bentham Limited’s proposal to fund on a “conditional” basis claims of certain current and former shareholders against SPO. The group also stated that no proceedings have been served against it. SPO further stated that they have been under compliance and would strongly defend the proceedings in the event of commencement. The group recently appointed Simon McKeon AO to their board. Moreover, SPO had indicated for a solid pipeline of projects and negotiated over $480 million of renewals and got $130 million of new contracts comprising further three additional PPP contracts. The group reported sixteen PPP contracts, with seven mobilizing in 2017. As a result, these contracts promise solid source of long dated stable earnings for the group once mobilized. SPO is also focusing on innovation programs which would leverage technology to drive growth and customer experience.
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