Austpac Resources N.L. [2010] NSWSC 1438

Austpac Resources N.L. [2010] NSWSC 1438

The validating orders were warranted because the late lodgement of the s 708A notice was due to inadvertence, did not deprive the market of any material information, and caused no prejudice to persons who acquired the shares.

Jurisdiction
Australia
Judgment Date
10 December 2010
Procedural Posture
Ex Parte Application for Validating Orders Under the Corporations Act 2001 (cth) / Judgment Following Hearing of Application
Outcome
Validating orders made
Legal Topics
['securities Disclosure' 'validation of Irregularities' 'asx Listing Requirements' 'secondary Sale Compliance']
['corporations Law'] ['securities Disclosure' 'validation of Irregularities' 'asx Listing Requirements' 'secondary Sale Compliance']

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Procedural Posture

Ex Parte Application for Validating Orders Under the Corporations Act 2001 (cth) / Judgment Following Hearing of Application

Legal Issues

  1. 1 ['Whether the delay in lodging a notice under s 708A(5)(e) of the Corporations Act 2001 (Cth) in relation to a placement of shares justifies validating orders under s 1322' 'Whether any person was prejudiced by the late notice regarding compliance with disclosure obligations']

Ratio Decidendi

The validating orders were warranted because the late lodgement of the s 708A notice was due to inadvertence, did not deprive the market of any material information, and caused no prejudice to persons who acquired the shares.

Court Disposition

Validating orders made

Orders

  • ['The period for lodgement of notice under s 708A(6)(a) is extended to the second business day after entry of orders.' 'A notice given to ASX within the extended period is deemed to be effective as if given on 1 October 2010.' 'A sealed copy of the orders is to be served on ASX and ASIC as soon as practicable.' "A...