Australia's Strandline Resources drops after lawsuit against unit

Strandline Resources

28/12/2022 02:16

** Shares of Strandline Resources  STA.AX  fall as much as
10% to A$0.36, their worst intraday loss since June 9
    ** Says a unit of Macmahon Holdings  MAH.AX , a contractor,
began legal proceedings against STA's unit Coburn Resources Pty
Ltd, claiming an amount of A$13.5 million ($9.10 million) 
    ** Strandline says it intends to defend the matter and bring
counterclaims 
    ** Stock hits lowest level since July 19 
    ** STA has risen 42.9% YTD, as of last close 
($1 = 1.4839 Australian dollars)
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))