Wrap Text
Mach Energy Dispute: Deed of Settlement and release
DRA Global Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
ACN 622 581 935
ASX / JSE Share Code: DRA
ISIN: AU0000155814
("DRA" or "the Company")
JSE Sponsor: Pallidus Capital Proprietary Limited
ASX / JSE ANNOUNCEMENT
9 September 2024
MACH ENERGY DISPUTE: DEED OF SETTLEMENT AND RELEASE
As reported previously (most recently, in its half-year accounts dated 30 August 2024), DRA Global Limited
(ASX: DRA | JSE: DRA) (DRA or Company) (and three of its wholly owned subsidiaries) (CDJV Parties) are
the subject of proceedings in the Supreme Court of New South Wales involving MACH Energy Australia Pty
Ltd (MACH Energy), MACH Mount Pleasant Operations Pty Ltd and J.C.D Australia Pty Ltd (collectively,
MACH Energy Parties) in relation to the Mount Pleasant Project (the Dispute).
The Company is pleased to announce that it has reached a settlement with the MACH Energy Parties and
has entered into a deed of settlement to finalise all claims relating to the Dispute.
The key terms of the settlement are:
(a) the Company is to pay MACH Energy a total of A$96,000,000, payable in three tranches of A$32
million over a two-year period, secured by bonds. Existing project bonds will be discharged;
(b) upon payment of the first tranche and delivery of security the MACH Energy Parties release each of
the CDJV Parties and the CDJV Parties release each of the MACH Energy Parties from any claim
arising out of the Dispute;
(c) the Deed of Settlement is effective as the full and final settlement of all claims arising out of the
Dispute inclusive of costs, and the parties agree to not pursue any further legal action with respect to
the matters relating to the Dispute; and
(d) the settlement does not constitute an admission of liability or fault by either of the MACH Energy
Parties or the CDJV Parties, and is made solely on a commercial basis.
DRA will fund the settlement from a combination of its cash resources, any proceeds available from
insurance policies and available banking facilities. The settlement will not impact on the Group's ability to
fund its ongoing operations.
The impact to the Group's 2024 pre-tax financial result will be an additional expense in the order of A$30
million to A$40 million, after applying existing provisions and available indemnity from DRA's insurers.
DRA CEO, James Smith, said "While the settlement of this long-standing, pre-IPO litigation will have a
material impact on the current year's financial results, it draws a line under a long-running and costly legal
dispute which has created significant uncertainty for the Group.
DRA's underlying operating performance and balance sheet remain strong and we move forward with a
renewed focus on delivering exceptional outcomes for our clients and pursuing our strategy of enhancing our
core businesses across the EMEA, APAC and AMER regions."
- ENDS –
This announcement was approved for release by the Disclosure Committee of DRA Global Limited.
For further information, please contact:
draglobal.com
Media enquiries: Investor enquiries: Shareholder administration:
Michael Vaughan Andrew Prior shareholders@draglobal.com
Fivemark Partners Fivemark Partners
M: +61 422 602 720 andrew.prior@fivemark.com.au
michael.vaughan@fivemark.com.au
About DRA Global Limited
DRA Global Limited (ASX: DRA | JSE: DRA) (DRA or the Company) is a multi-disciplinary consulting, engineering, project delivery and
operations management group predominantly focused on the mining and minerals resources sector. DRA has an extensive global track
record, spanning more than three decades and more than 7,500 studies and projects as well as operations, maintenance and optimisation
solutions across a wide range of commodities.
DRA has expertise in mining, minerals and metals processing and related non-process infrastructure including sustainability, water and
energy solutions for the mining industry. DRA delivers advisory, engineering and project delivery services throughout the capital project
lifecycle from concept through to operational readiness and commissioning as well as ongoing operations, maintenance and shutdown
services.
DRA, headquartered in Perth, Australia, services its global customer base through 19 offices across Asia-Pacific, North and South
America, Europe, Middle East and Africa.
Physical Level 8, 256 Adelaide Terrace / Perth WA 6000 / Australia // Postal PO Box 3130 / East Perth WA 6892 / Australia
Telephone +61 (0)8 6163 5900 // info@draglobal.com // ACN 622 581 935 // ASX: DRA / JSE:DRA
draglobal.com Page / 2
Date: 09-09-2024 08:25:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
