Austsino Resources Group Limited, in the matter of Austsino Resources Group Limited [2018] FCA 883

Austsino Resources Group Limited, in the matter of Austsino Resources Group Limited [2018] FCA 883

The Court granted the extension because Austsino was an interested person, the order sought was within s 1322(4)(d), the expired period could be extended, and no substantial injustice had been or was likely to be caused; rather, refusal would adversely affect Austsino, existing shareholders and applicants for securities. The delay resulted from genuine error and unusual features of the capital raising, Austsino had otherwise done what was required, the requested extension was short, affected persons had or would receive notice and liberty to apply, ASX and ASIC did not oppose, and there was no evidence of substantial misconduct or other discretionary reason to refuse relief.

Jurisdiction
Australia
Judgment Date
28 March 2018
Procedural Posture
Corporations Application for Extension of Time Under S 1322(4) of the Corporations Act 2001 (cth) / Reasons for Orders Made on 28 March 2018
Outcome
Application granted; curative extension orders made.
Legal Topics
['validation of Share Issue' 'extension of Time for Admission to Quotation' 'prospectus Fundraising' 'curative Orders Under S 1322(4)' 'asx Quotation Requirements']
['corporations Law'] ['validation of Share Issue' 'extension of Time for Admission to Quotation' 'prospectus Fundraising' 'curative Orders Under S 1322(4)' 'asx Quotation Requirements']

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Procedural Posture

Corporations Application for Extension of Time Under S 1322(4) of the Corporations Act 2001 (cth) / Reasons for Orders Made on 28 March 2018

Legal Issues

  1. 1 ['Whether the Court should extend under s 1322(4)(d) of the Corporations Act 2001 (Cth) the period in ss 723(3)(b) and 724(1)(b)(ii) for securities issued pursuant to the Prospectus to be admitted to quotation by ASX.' 'Whether the statutory requirements in s 1322(4)(d) and s 1322(6) were satisfied, including that no substantial injustice had been or was likely to be caused to any person.' 'Whether any discretionary reason existed to withhold curative relief.']

Ratio Decidendi

The Court granted the extension because Austsino was an interested person, the order sought was within s 1322(4)(d), the expired period could be extended, and no substantial injustice had been or was likely to be caused; rather, refusal would adversely affect Austsino, existing shareholders and applicants for securities. The delay resulted from genuine error and unusual features of the capital raising, Austsino had otherwise done what was required, the requested extension was short, affected persons had or would receive notice and liberty to apply, ASX and ASIC did not oppose, and there was no evidence of substantial misconduct or other discretionary reason to refuse relief.

Court Disposition

Application granted; curative extension orders made.

Orders

  • ['Pursuant to section 1322(4)(d) of the Corporations Act 2001 (Cth), the period set out in sections 723(3)(b) and 724(1)(b)(ii) of the Act for the admission to quotation by ASX of securities of the Plaintiff to be issued pursuant to the Prospectus of 20 December 2017 (as replaced by the Prospectus of 17 January...