In the Matter of Alara Uranium Limited [2007] FCA 724

In the Matter of Alara Uranium Limited [2007] FCA 724

The Court granted the extension because the quotation application was lodged only one day late, there appeared to be no prejudice to actual or potential investors, the three month period for admission to quotation would not be affected, and refusal would have caused wasted and additional costs disproportionate to the minor delay, notwithstanding concern about the company secretary's attitude to the time limit.

Jurisdiction
Australia
Judgment Date
14 May 2007
Procedural Posture
Application Under S 1322 of the Corporations Act 2001 (cth) for Extension of Time to Lodge an Application for Official Quotation on the ASX / Reasons for Judgment Following Orders Made on 9 May 2007
Outcome
Application granted; time extended.
Legal Topics
['prospectus Disclosure Requirements' 'application for Admission of Securities to Quotation' 'extension of Time Under S 1322' 'non Compliance With S 723 of the Corporations Act 2001 (cth)' 'asx Listing and Quotation Application']
['corporations Law'] ['prospectus Disclosure Requirements' 'application for Admission of Securities to Quotation' 'extension of Time Under S 1322' 'non Compliance With S 723 of the Corporations Act 2001 (cth)' 'asx Listing and Quotation Application']

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Procedural Posture

Application Under S 1322 of the Corporations Act 2001 (cth) for Extension of Time to Lodge an Application for Official Quotation on the ASX / Reasons for Judgment Following Orders Made on 9 May 2007

Legal Issues

  1. 1 ["Whether the Court should extend the seven day period for making an application for admission of the plaintiff's shares to quotation referred to in s 723(3)(a) and s 724(1)(b)(i) of the Corporations Act 2001 (Cth)." 'Whether the one day delay in lodging the quotation application caused prejudice or should prevent relief under s 1322 of the Corporations Act 2001 (Cth).']

Ratio Decidendi

The Court granted the extension because the quotation application was lodged only one day late, there appeared to be no prejudice to actual or potential investors, the three month period for admission to quotation would not be affected, and refusal would have caused wasted and additional costs disproportionate to the minor delay, notwithstanding concern about the company secretary's attitude to the time limit.

Court Disposition

Application granted; time extended.

Orders

  • ['The period of seven days for making an application for the advancement of the Plaintiff\'s shares to quotation, referred to in paragraph 723(3)(a) and in sub-paragraph 724(1)(b)(i) of the Corporations Act 2001 (Cth), in respect of the Prospectus of the Plaintiff dated 3 April 2007 and lodged with the Australian...