Omni Bridgeway’s share price fell subsequent to an appeals judgment against Seqwater. The ruling overturned a 2019 judgment against the dam management company. The original ruling determined that Seqwater was liable for half of the compensation claims from floods in early 2011.
Stockhead details that another appeal could be imminent. In the meantime, the case in question amounted to 4% of the company’s litigation assets—not counting Seqwater’s costs, which are as yet uncalculated.
Omni Bridgeway’s share price fell by 8%, which represents an AU $90 million decrease in market capitalization. CEO Andrew Saker affirms that while not devastating, the outcome was certainly less than ideal.
