Noumi Limited's ASIC Proceedings Update

Noumi Limited (ASX: $NOU) provided an update on the civil penalty proceedings brought by the Australian Securities and Investments Commission (ASIC) in the Federal Court. Following a hearing before Justice Ian Jackman, the Court has reserved judgment on the appropriate penalty. Both Noumi and ASIC have submitted that an appropriate penalty is $5 million, with a contribution to ASIC's costs of $50,000. Noumi will provide a further update when the Court has delivered its judgment in this matter.

Executive Commentary on ASIC Proceedings Update

The Company is committed to cooperating with the legal process and awaits the Court's judgment. We will continue to provide updates as the situation develops.

Summary of Noumi Limited's ASIC Proceedings Update

Noumi Limited (ASX: $NOU) provided an update on the ASIC proceedings, indicating that the Court has reserved judgment on the appropriate penalty following a hearing. Both Noumi and ASIC have submitted that an appropriate penalty is $5 million, with a contribution to ASIC's costs of $50,000. The Court also made certain directions in relation to an application made by the plaintiffs in the class action underway against the Company in the Supreme Court of Victoria. The Court ordered that the application be set down for hearing on 6 August 2024. The Company notes that a determination made by the Court pursuant to s1317QF of the Act as to whether any penalty amounts ordered by the Court in the ASIC proceedings are made available for the class action plaintiffs is unlikely to have any effect on the quantum of the penalty and costs that the Court may order the Company to pay in the ASIC proceedings. The Company remains committed to providing further updates as the situation unfolds.