EQT issue emerges for Diversa/OneVue transaction

Barely a week after announcing the transaction leading to its acquisition by OneVue, Diversa Limited has been notified by the Australian Securities Exchange (ASX) that it may have an unresolved legal issue with Equity Trustees pertaining to a superannuation fund. 

Diversa has acknowledged receiving correspondence from Equity Trustees relating to a "potential claim" relating to "actions taken or omitted to be taken by Diversa in its role as administrator of the Progress Superannuation Fund in 2009". 

Equity Trustees is the trustee of the Progress Superannuation Fund. 

In a statement released on the ASX, Diversa said the notice received from Equity Trustees was "vague in its terms and failed to particularise the details of the alleged actions and omissions of Diversa". 

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It also noted that no demand for payment had been received from Equity Trustees and that the company had also not indicated when it would be commencing proceedings in relation to the claim. 

"In the event that EQT does initiate proceedings against Diversa in respect of the potential claim, the Diversa board has formed the view, based on the limited information in the notice received from EQT and its knowledge of any potential claims to date, that such events are unlikely to amount to a "Material Adverse Effect" for the purposes of the scheme implementation deed entered into between Diversa and OneVue Holdings Limited on 14 June, 2016," the ASX statement said.