The Parties to the Proceeding have agreed to seek orders from the Federal Court of Australia that the Proceedings be dismissed with no order as to costs.
ISXF will now continue to plot its own course toward further growth and expansion without the burden of litigation, which would have likely extended across several years, tied up substantial capital and been a significant management distraction. Capital, which was freely abundant in a low interest rate environment, is now a more scarce resource and we need to take cognisance of that as a board.
The key objectives of achieving the demerger, stabilising the business, and re-focussing on profitable growth have thus far been achieved. ISXF now looks forward to growing its core business within the EU and UK, and expanding into North America.”