The board of Superwoman is close to ending a legal stoush with two of its shareholders after all parties agreed to settlement proceedings.
In a statement to the Australian Securities Exchange, Superwoman director Rod Minell said the company is finalising proceedings against WM Jackers Pty Limited and former company director and shareholder Colin Grant.
“The company has entered into a deed of settlement and release with Mr Colin Grant, C&K Grant Pty Limited and WM Jackers Pty Limited, releasing each party from any claim against the other,” Minell said.
“The deed is subject to certain conditions precedent being satisfied.”
It is believed C&K Grant Pty Limited and WM Jackers Pty Limited each hold a shareholding in the group of 11.2 per cent.
In September last year, Superwoman informed the market it would review the actions of Grant as part of a company wide review after more than $500,000 was allegedly transferred out of the firm.
At the time, Superwoman blamed poor management by its former executive team for the company’s net loss of $5,865,589 for the financial year end 30 June 2010.
The deed of settlement is the second such deed the Superwoman board has entered into in the past six months with the firm settling trademark concerns over its name in late September.
In the half year that ended on 31 December 2010, Superwoman earned income acting as an arranger for a structured investment product series issued by JB Global Pty Limited.
“A profit of $239,730 was recorded for the period compared to a loss of $2,861,898 in the prior corresponding period,” the report said.
“This includes a gain on forgiveness of debt from an associated company Superwoman Financial Solutions Pty Ltd in the amount of $833,011.”
Company cash flow used in operating activities was $606,610 compared to $2,265,725 in 2009, the report said.
