Ashburton Minerals Limited (ACN 008 894 442) [2005] FCA 512

Ashburton Minerals Limited (ACN 008 894 442) [2005] FCA 512

Although there was a failure to make the application for quotation of shares within the seven-day period required by s 723(3)(a) of the Corporations Act 2001 (Cth), the shares were admitted to quotation within three months. As the applicant's breach was innocent and did not frustrate the protective purpose of the...

Source-derived case information.

Parties
Applicant: Ashburton Minerals Limited (ACN 008 894 442)
Jurisdiction
Australia
Judgment Date
15 February 2005
Procedural Posture
Corporations Application for Remedial Orders / First Instance – Judgment and Orders
Outcome
Application granted – share issue validated
Legal Topics
Validation of Share Issue, Remedial Orders, Procedural Compliance, Prospectus Requirements
Corporations Law Validation of Share Issue Remedial Orders Procedural Compliance Prospectus Requirements

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Parties

Ashburton Minerals Limited (ACN 008 894 442)

Applicant

Procedural Posture

Corporations Application for Remedial Orders / First Instance – Judgment and Orders

Legal Issues

  1. 1 Whether the issue of shares by the applicant in breach of time requirements under s 723 of the Corporations Act 2001 (Cth) should be validated under s 254E

Ratio Decidendi

Although there was a failure to make the application for quotation of shares within the seven-day period required by s 723(3)(a) of the Corporations Act 2001 (Cth), the shares were admitted to quotation within three months. As the applicant's breach was innocent and did not frustrate the protective purpose of the Act, it is appropriate to validate the share issue under s 254E(1).

Court Disposition

Application granted – share issue validated

Orders

  • The time for service and hearing of the Application filed on 10 February 2005 be abridged.
  • The seven-day period in s 723(3)(a) and s 724(1)(b)(i) of the Corporations Act in respect of the Prospectus dated 21 January 2005 be extended to and include 1 February 2005.