ERG GROUP ARM REACHES SETTLEMENT WITH AUSTRALIAN STATE GOVT.

AsiaPulse News,  May, 2002  

Tags: ARM

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SYDNEY, May 30 Asia Pulse - The ERG Group (ASX:ERG) said today that its partly owned subsidiary OneLink Transit Systems has reached a A$65 million (US$36.48 million) staged settlement with the Victorian government for all outstanding claims in relation to the Automoted Ticketing System in Melbourne.

Out of the settlement proceeds, A$45 million (US$25.26 million) will flow directly to ERG.

ERG will also be paid an additional fee of A$2.85 million (US$1.6 million) per year over the next five years (totalling A$14.25 million) to enable it to meet the higher performance standards which include ...