Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 NOTE 23 - EVENTS AFTER BALANCE DATE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS There are no after balance sheet date events at the date of signing (30 June 2016: Nil). On the 15 October 2015, Justice McMurdo ordered that the majority of the Second Further Amended Statement of Claim be struck out. Justice McMurdo allowed Mr Baldwin and Southern Fairway Investments the liberty to re-plead on two matters. On 18 February 2016, Justice McMurdo awarded Icon Energy 100% of its costs and on 17 October 2016 Icon received costs recovery of $47,000 from the second strike out application. On 12 May 2015, Southern Fairway Investments Pty Ltd (formerly Babcock & Brown Australia Infrastructure Pty Ltd) and Ronald Baldwin submitted a Further Amended Statement of Claim and on 17 July 2015 the plaintiff’s counsel acknowledged that there were still deficiencies in that pleading. Directions were made to allow for the submission of a further amendment to the Second Further Amended Statement of Claim, which was filed. In August 2015, a costs order was made in favour of Icon Energy and Icon received a costs recovery of $33,000 from the first strike out application. Mr Baldwin and Southern Fairway Investments filed a Third Further Amended Statement of Claim on 1 March 2016. Icon filed its Notice of Intention to Defend on 7 June 2016. Mr Chesterman QC held a mediation meeting on 26 June 2017, however no agreement was reached. The next court review was heard by Justice Bond on 17 July 2017 and the matter has been set for trial, commencing on 23 October 2017. It is not possible at this time to accurately quantify Icon's future legal fees for the litigation. NOTE 22 - CONTINGENT LIABILITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 58 ICON ENERGY ANNUAL REPORT 2017