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Rural Funds awarded damages and costs in stoush with Texan short-seller

Rural Funds Group has been awarded costs and damages totalling $900,000 following last month’s courtroom victory over Texan short-seller Bonitas Research.

According to an ASX release on Thursday, the Supreme Court of NSW awarded damages worth $530,201 against Bonitas and its founder, Matt Wiechert, the co-founder of high profile short-seller Glaucus Research, as well as costs of $368,974.

Rural Funds Group owns more than $900 million worth of agricultural assets, including vineyards leased to Treasury Wine Estates.

Rural Funds Group owns more than $900 million worth of agricultural assets, including vineyards leased to Treasury Wine Estates. Credit:Milton Wordley

However, Rural Funds could face difficulty collecting the funds given Bonitas is outside the court’s jurisdiction and refused to engage in the legal battle. Rural Funds declined to say how it planned to recover the award from Bonitas.

In a series of tweets in February following the judgment against it, Bonitas defended its report and said it remains short on the $900 million agricultural property trust.

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