Cubelic Holdings Market Update

Cubelic Holdings Pty Ltd (Cubelic) and its director Paul Cubelic were an integral part of the Fernhill Masterplan and project group that contributed to the redevelopment proposals of the Fernhill Estate during 2013-14.

The Fernhill Estate was over 640 hectares of Local and State Heritage listed land and buildings spread over some 14 titles. It was a highly complex asset, with opportunity to create a variety of residential subdivisions, but involving Heritage conservation matters, Council and local interests, Ecological and Biodiversity issues. 

We introduced Biobanking to Angas which has proven very successful for Angas and the Fernhill Estate.

Between 2014 to 2017, Cubelic remained involved in the Fernhill Estate via a Biobanking Consultancy Agreement (Agreement).

On 24 July 2017, one day before a major Biobanking credit sale settlement for Angas (which we introduced, negotiated and were due our Fee) Angas issued Cubelic a termination letter, alleging a breach of confidentiality and intellectual property under our Biobanking Consultancy Agreement.The alleged breach relates to a previously submitted offer to purchase the Fernhill Estate via another party related to Paul Cubelic. This party was fully disclosed to Angas (for many years) which had previously made purchase offers to Angas. 

Cubelic refuted all allegations and on 25 August 2017 commenced the proceeding against Angas Securities. 

One year later, Angas lodged a Cross Claim and now alleges non performance of our services under the agreement. Angas had never previously raised this allegation in our entire involvement with the Fernhill Estate.

The Angas NSX publication is Misleading by reason of Inaccuracies and Silence as to Salient Matters with Our Involvement in the Fernhill Estate. By way of example, the Publication: 

(a) seeks to tie up Paul Cubelic in the definition of “Cubelic” and thereby make personal comments about him, who Angas should know is not a party to the proceeding.

(b) refers to Cubelic contacting ‘stakeholders’. Angas has filed no evidence in support of this clearly untrue allegation of multiple stakeholders being contacted. We have openly admitted to contacting a single individual and deny that we acted improperly in doing so.

(c) incorrectly refers to the orders sought by Cubelic. The initial relief sought, specific performance, is mentioned but there is no reference to the large debt claimed.

(d) incorrectly states that leave was granted for Cubelic to amend its commercial list statement. At our request (which was not opposed), an order was made for Cubelic to file an amended commercial list statement. Leave was not given (and nor was it required).

(e) does not state that Cubelic disputes the allegations or provide any explanation of Cubelic’s position (noting the relevant part of the Publication is over one page long). A reader would form the impression that Angas’ position is essentially unassailable;

(f) the Publication refers multiple times to the quantum of folders (3 + 3) that Cubelic exhibits comprise. However, the Publication fails to mention the following matters which are, in contrast, Material:

(g) Angas’ unsuccessful 2 (two) attempts to amend its case to deny that it is bound by the Agreement and liability under the costs orders made against it;

(h) states Angas’ position in respect of the notice of termination in a disproportionate level of detail;

(i) incorrectly asserts that the Trial is set down to commence on 22 February 2019. 

The Trial is set down for a seven day public trial in the period 18 February 2019 to 26 February 2019.  

Further, at Cubelic’s insistence for Security of Costs against Angas’ cross claim ,  Angas paid $250,000 into court, as did we.

Andrew Luckhurst-Smith Chairman of Angas is the Author of the NSX announcements.

 Angas Letter dated 30 June 2015  (extract)

" Paul was an important member of the project team, bringing not only his property contacts and development background, but financial investment into the project.

We would recommend Paul's services to anyone considering property acquisition and development, and wish him all the very best in his endeavours for his future projects."