0345 GMT - The start of legal proceedings against Kingsgate by its political risk insurers "is yet another legal/regulatory issue which has unfortunately accompanied the stock at times," says MA Moelis Australia. The announcement doesn't suggest there will be any impact on current operations at the Chatree mine in Thailand, it says. However, "headlines like this (regardless of materiality) will remind investors that there are incremental complications to this business and jurisdiction," says MA. It has a buy rating and a target price of 6.45 Australian dollars on the stock. Shares are down 5.2% at A$5.12.