Calliden in legal joust with Aussie Unity
Calliden Group has commenced legal proceedings over last year’s $62.5 million purchase of Australian Unity’s general insurance business.
In last week’s statement to the Australian Stock Exchange, Calliden claims Australian Unity owes it $3-$4 million due to a shift in asset value between purchase agreement and completion.
Calliden says the adjustment is outlined under terms of a share sale deed, and is based on actuary calculations. Australian Unity, which disputes the claim, has a 13% stake in Calliden Group.
Proceedings were issued in the NSW Supreme Court last Monday.
Calliden did not respond to calls from insuranceNEWS.com.au for comment.
In last week’s statement to the Australian Stock Exchange, Calliden claims Australian Unity owes it $3-$4 million due to a shift in asset value between purchase agreement and completion.
Calliden says the adjustment is outlined under terms of a share sale deed, and is based on actuary calculations. Australian Unity, which disputes the claim, has a 13% stake in Calliden Group.
Proceedings were issued in the NSW Supreme Court last Monday.
Calliden did not respond to calls from insuranceNEWS.com.au for comment.