Ridley Corporation Limited has announced a mutually successful outcome to the mediation process conducted to resolve the commercial dispute between itself and Huon. A payment of AU $16.6 million was made to Ridley last week, while Huon received AU$4.5 million in compensation.
Legal costs incurred in reaching the settlement have been progressively expenses in the profit and loss, and Ridley is utilizing the full $1 million provision against non-recovery of the debt.
Ridley remains committed to the construction of its new aquafeed mill in Tasmania and is optimistic about the prospects of resuming a positive trading relationship with Huon in the future.
