Exhibit 99.9
3 May 2012 | For analyst and media enquiries please | |||
call Sean OSullivan on: (02) 8274 5246 |
ASIC proceedings
The Company notes that the High Court of Australia (High Court) today delivered its judgment in the appeals and cross appeals against the 17 December 2010 decision of the New South Wales Court of Appeal (Court of Appeal) in proceedings between the Australian Securities & Investments Commission (ASIC) and certain former non-executive directors and a former officer of ABN60 Pty Limited (formerly James Hardie Industries Limited) (ABN60).
The Company did not appeal the Court of Appeals decision so it was not a party to the High Court proceedings.
The Company notes that the High Court upheld ASICs appeal and overturned the Court of Appeals decision in favour of the former non-executive directors and dismissed the former officers appeal against the Court of Appeals decision. The High Court remitted the matter back to the Court of Appeal for further consideration of remaining issues in the appeals to that Court about claims to be excused from liability, penalty and disqualification and on certain questions concerning costs.
The High Court decision will have some cost implications for the Company but the Company has not yet had the opportunity to assess those and will not be able to complete its assessment until the Court of Appeal has delivered its judgment on the outstanding issues. If the cost implications are material, the Company will make further disclosure but otherwise the costs will be accounted for in the Companys financial statements as has been its practice.
Background
In February 2007, ASIC commenced civil proceedings in the Supreme Court of New South Wales against the Company, ABN60 and ten then-present or former executives and directors of the James Hardie Group in relation to the creation and funding of the Medical Research and Compensation Foundation (MRCF) in February 2001. While the subject matter of the allegations varied between individual defendants, the allegations against the Company were ultimately confined to alleged contraventions of provisions of the Australian Corporations Act relating to continuous disclosure and engaging in misleading or deceptive conduct in respect of a security.
The Court hearing commenced on 29 September 2008. On 23 April 2009, the Court delivered judgment, making certain findings against the Company and the ten former officers and non-executive directors of the Company. All defendants other than two commenced appeals from the judgment, and ASIC responded by commencing cross-appeals from the judgment. The appeals brought by the former non-executive directors and executives were heard in April 2010 and the appeal brought by the Company was heard in May 2010. On 17 December 2010, the New South Wales Court of Appeal delivered its judgments. The Court of Appeal dismissed the Companys appeal and ASICs cross-appeal and ordered that the Company pay 90% of the costs incurred by ASIC in respect of the Companys appeal.
James Hardie Industries SE, ARBN 097 829 895
Incorporated in Ireland, with registered office at Second Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland and registered number 485719. The liability of its members is limited.
ASIC has not notified the Company to date of any costs that it has incurred with respect to costs orders. The Court of Appeal allowed the appeals of the seven former non-executive directors against the findings of contravention that had been made against them, overturning the finding of the trial judge that the directors had approved a misleading draft ASX announcement at a Board meeting in February 2001 relating to the MRCFs establishment. The Court of Appeal dismissed the appeal by one of the former officers and ASICs related cross appeal and in part allowed the other former officers appeal and the related ASIC cross appeal.
ASIC and one former officer subsequently sought and were granted special leave to appeal the Court of Appeals decisions to the High Court. The appeals and related cross appeals were heard by the High Court over three days commencing 25 October 2011.
For further information, refer to the ASIC Proceedings section of footnote 9 to the JHISE Financial Statements for the quarter ended 31 December 2011.
END
Media/Analyst Enquiries:
Sean OSullivan Vice President, Investor and Media Relations
Telephone: | +61 2 8274 5246 | |
Email: | [email protected] |
James Hardie Industries SE, ARBN 097 829 895
Incorporated in Ireland, with registered office at Second Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland and registered number 485719. The liability of its members is limited.
Disclaimer
This Company Statement contains forward-looking statements. James Hardie may from time to time make forward-looking statements in its periodic reports filed with or furnished to the SEC, on Forms 20-F and 6-K, in its annual reports to shareholders, in offering circulars, invitation memoranda and prospectuses, in media releases and other written materials and in oral statements made by the companys officers, directors or employees to analysts, institutional investors, existing and potential lenders, representatives of the media and others. Statements that are not historical facts are forward-looking statements and such forward-looking statements are statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include:
| statements about the companys future performance; |
| projections of the companys results of operations or financial condition; |
| statements regarding the companys plans, objectives or goals, including those relating to strategies, initiatives, competition, acquisitions, dispositions and/or our products; |
| expectations concerning the costs associated with the suspension or closure of operations at any of the companys plants and future plans with respect to any such plants; |
| expectations that the companys credit facilities will be extended or renewed; |
| expectations concerning dividend payments and share buy-backs; |
| statements concerning the companys corporate and tax domiciles and potential changes to them, including potential tax charges; |
| statements regarding tax liabilities and related audits, reviews and proceedings; |
| statements as to the possible consequences of proceedings brought against the company and certain of its former directors and officers by the Australian Securities and Investments Commission (ASIC); |
| expectations about the timing and amount of contributions to the Asbestos Injuries Compensation Fund (AICF), a special purpose fund for the compensation of proven Australian asbestos-related personal injury and death claims; |
| expectations concerning indemnification obligations; |
| statements about product or environmental liabilities; and |
| statements about economic conditions, such as economic or housing recovery, the levels of new home construction, unemployment levels, changes or stability in housing values, the availability of mortgages and other financing, mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency exchange rates, and builder and consumer confidence. |
Words such as believe, anticipate, plan, expect, intend, target, estimate, project, predict, forecast, guideline, aim, will, should, likely, continue and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward-looking statements and all such forward-looking statements are qualified in their entirety by reference to the following cautionary statements.
Forward-looking statements are based on the companys current expectations, estimates and assumptions and because forward-looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the companys control. Such known and unknown risks, uncertainties and other factors may cause actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements. These factors, some of which are discussed under Risk Factors in Section 3 of the Form 20-F filed with the US Securities and Exchange Commission on 29 June 2011, as amended by the Form 20-F/A filed on 14 July 2011, include, but are not limited to: all matters relating to or arising out of the prior manufacture of products that contained asbestos by current and former James Hardie subsidiaries; required contributions to the AICF, any shortfall in the AICF and the effect of currency exchange rate movements on the amount recorded in the companys financial statements as an asbestos liability; governmental loan facility to the AICF; compliance with and changes in tax laws and treatments; competition and product pricing in the markets in which the company operates; the consequences of product failures or defects; exposure to environmental, asbestos or other legal proceedings; general economic and market conditions; the supply and cost of raw materials; possible increases in competition and the potential that competitors could copy the companys products; reliance on a small number of customers; a customers inability to pay; compliance with and changes in environmental and health and safety laws; risks of conducting business internationally; compliance with and changes in laws and regulations; the effect of the transfer of the companys corporate domicile from The Netherlands to Ireland to become an Irish SE including employee relations, changes in corporate governance and potential tax benefits; currency exchange risks; dependence on customer preference and the concentration of the companys customer base on large format retail customers, distributors and dealers; dependence on residential and commercial construction markets; the effect of adverse changes in climate or weather patterns; possible inability to renew credit facilities on terms favorable to the company, or at all; acquisition or sale of businesses and business segments; changes in the companys key management personnel; inherent limitations on internal controls; use of accounting estimates; and all other risks identified in the companys reports filed with Australian, Irish and US securities agencies and exchanges (as appropriate). The company cautions you that the foregoing list of factors is not exhaustive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements. Forward-looking statements speak only as of the date they are made and are statements of the companys current expectations concerning future results, events and conditions.
James Hardie Industries SE, ARBN 097 829 895
Incorporated in Ireland, with registered office at Second Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland and registered number 485719. The liability of its members is limited.