McKerlie v Drillsearch Energy Ltd [2009] NSWSC 497

McKerlie v Drillsearch Energy Ltd [2009] NSWSC 497

Beach Petroleum Ltd, as bidder, was not within any permitted category of litigant under s 659B(1). The matters it wished to agitate in court had already been put before the Takeovers Panel and arose in relation to the takeover bid on foot. The proposed court proceedings would be an adjunct to the Panel application and involved matters in respect of which s 659B displaced the court's jurisdiction until the bid period ended.

Jurisdiction
Australia
Judgment Date
02 June 2009
Procedural Posture
Corporations List Proceedings Concerning a Takeover Bid and Proposed Meeting of Members / Application by Beach Petroleum Ltd for Leave to File Originating Process and Interlocutory Process and to Be Joined as a Party
Outcome
Leave to file originating process refused. Leave to be joined as defendant refused.
Legal Topics
['takeover Bid' 'takeovers Panel' 'statutory Embargo on Court Proceedings' 'unacceptable Circumstances' 'shareholder Meeting Injunction']
['corporations'] ['takeover Bid' 'takeovers Panel' 'statutory Embargo on Court Proceedings' 'unacceptable Circumstances' 'shareholder Meeting Injunction']

Case Brief

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Procedural Posture

Corporations List Proceedings Concerning a Takeover Bid and Proposed Meeting of Members / Application by Beach Petroleum Ltd for Leave to File Originating Process and Interlocutory Process and to Be Joined as a Party

Legal Issues

  1. 1 ['Whether s 659B(1) of the Corporations Act 2001 (Cth) precluded Beach Petroleum Ltd from commencing court proceedings before the end of the bid period.' 'Whether the proposed proceedings and joinder sought by Beach Petroleum Ltd were proceedings in relation to a takeover bid.' 'Whether Beach Petroleum Ltd should be granted leave to file originating process and be joined as a party to the existing proceedings.']

Ratio Decidendi

Beach Petroleum Ltd, as bidder, was not within any permitted category of litigant under s 659B(1). The matters it wished to agitate in court had already been put before the Takeovers Panel and arose in relation to the takeover bid on foot. The proposed court proceedings would be an adjunct to the Panel application and involved matters in respect of which s 659B displaced the court's jurisdiction until the bid period ended.

Court Disposition

Leave to file originating process refused. Leave to be joined as defendant refused.

Orders

  • ['Beach Petroleum Ltd is refused leave to file its proposed originating process and interlocutory process.' "Beach Petroleum Ltd's application to be joined as a party to the proceeding is declined." "Beach Petroleum Ltd will pay the plaintiffs' costs of the application."]