SMM

SMM: The Court of Appeal has ruled in favor of SMM, with regards to certain parts of the High Court’s decision on SMM’s claims against PPL Holdings back in 2012. As a result, SMM will have complete control of PPLS Board. PPLH has also lost the right under the JV agreement to appoint its nominees to PPLS’s Board. SMM will also have the right to appoint PPLS’s key mgt positions. There will be no change in the consolidation of PPLS as an 85% owned subsidiary of SMM. The Court of Appeal has awarded SMM 90% of its costs of its appeal and 90% of its costs before the High Court. SMM was also awarded its costs of defending the cross appeal by PPL Holdings. While this is not expected to have material impact on SMM’s EPS and NTA for FY13, this brings closure regarding the issue of SMM’s control over PPLS.