In the matter of Geopacific Resources NL (ACN 003 208 393) [2007] FCA 43

In the matter of Geopacific Resources NL (ACN 003 208 393) [2007] FCA 43

The Court granted the extension because the failure to apply for quotation within 7 days was inadvertent, the delay was short, no shares had yet been issued under the prospectus, ASIC did not object, ASX identified no reason why quotation would not proceed in the usual way, and extending time would not cause substantial injustice or likely prejudice to subscribers or other third parties, whereas refusal would cause the company unnecessary inconvenience and expense.

Jurisdiction
Australia
Judgment Date
18 January 2007
Procedural Posture
Corporations Application Under S 1322(4)(d) of the Corporations Act 2001 (cth) for Extension of Time to Lodge an Application for Quotation of Securities / Application Heard and Final Orders Made
Outcome
Application granted; time extended and ancillary orders made.
Legal Topics
['prospectus' 'quotation of Securities on Asx' 'extension of Time' 'irregularities Under S 1322' 'substantial Injustice']
['corporations Law'] ['prospectus' 'quotation of Securities on Asx' 'extension of Time' 'irregularities Under S 1322' 'substantial Injustice']

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Procedural Posture

Corporations Application Under S 1322(4)(d) of the Corporations Act 2001 (cth) for Extension of Time to Lodge an Application for Quotation of Securities / Application Heard and Final Orders Made

Legal Issues

  1. 1 ['Whether the Court should extend under s 1322(4)(d) the 7 day period referred to in ss 723(3)(a) and 724(1)(b)(i) for applying to the ASX for quotation of securities offered under the prospectus.' 'Whether no substantial injustice had been or was likely to be caused to any person as required by s 1322(6)(c).']

Ratio Decidendi

The Court granted the extension because the failure to apply for quotation within 7 days was inadvertent, the delay was short, no shares had yet been issued under the prospectus, ASIC did not object, ASX identified no reason why quotation would not proceed in the usual way, and extending time would not cause substantial injustice or likely prejudice to subscribers or other third parties, whereas refusal would cause the company unnecessary inconvenience and expense.

Court Disposition

Application granted; time extended and ancillary orders made.

Orders

  • ['The time for service and hearing of the Application be abridged.' 'Pursuant to s 1322(4)(d) of the Corporations Act 2001 (the Act), the period of seven days referred to in subs 723(3)(a) and 724(1)(b)(i) of the Act in respect of the Prospectus of the Plaintiff dated 22 December 2006 and lodged with the Australian...