IPR 0.00% 4.1¢ ipernica limited

imf. settlement . ipernica ltd

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    04/03/2008 6:15PM

    IMF (Australia) Ltd
    ABN 45 067 298 088 / AFSL 286906
    Level 5, 32 Martin Place Sydney NSW 2000 / GPO Box 5457 Sydney NSW 2001
    Tel: (02) 8223 3567 Fax: (02) 8223 3555
    TUESDAY, 4 MARCH 2008
    1. The Board of directors of IMF (Australia) Ltd is pleased to announce the of litigation by Ipernica Ltd (ASX:IPR) against Ericsson partially funded by IMF. The full terms of settlement are covered by a confidentiality agreement but IMF will receive about $4.0M after contributing $0.5M to help fund the proceedings and capitalised costs of $0.2M.
    2. This is the second instance of IMF funding listed Australian companies to successfully pursue litigation against other corporations (the other being Eurogold Ltd (ASX: EUG) announced on 19 February 2008).
    3. IMF expects to provide funding to an increasing number of ASX listed companies as this service gains acceptance in the marketplace as an appropriate risk sharing arrangement.
    4. This matter is one of the three cases referred to at paragraph 3 of the IMF director's report lodged with ASX on 15 February 2008 and is the first of the three cases which needed to be finalised in order for IMF to reach its forecast profitability as at 30 June 2008.
    Rob Ferguson
    Executive Chairman

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