Cabcharge Australia Limited, in the matter of Cabcharge Australia Limited [2007] FCA 421

Cabcharge Australia Limited, in the matter of Cabcharge Australia Limited [2007] FCA 421

Section 1325A(2) of the Corporations Act 2001 (Cth) conferred power to make orders appropriate to the failure to apply for admission to quotation within seven days after the start of the bid period, including varying the Statutory Offer Condition in the contracts arising from acceptance of the offers and deeming that condition satisfied on 19 February 2007; no substantial injustice had been or was likely to be caused by those orders.

Jurisdiction
Australia
Judgment Date
05 March 2007
Procedural Posture
Corporations Act Application Concerning an Off Market Takeover Bid / Hearing and Final Orders
Outcome
Orders made varying the Statutory Offer Condition and deeming it satisfied.
Legal Topics
['off Market Takeover Bid' "bidder's Statement" 'admission to Quotation' 'statutory Offer Condition' 'court Orders Under the Corporations Act']
['corporations Law' 'takeovers'] ['off Market Takeover Bid' "bidder's Statement" 'admission to Quotation' 'statutory Offer Condition' 'court Orders Under the Corporations Act']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 1 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Corporations Act Application Concerning an Off Market Takeover Bid / Hearing and Final Orders

Legal Issues

  1. 1 ["Whether the Court should make orders to overcome Cabcharge Australia Limited's failure to apply for admission to quotation of Cabcharge shares on ASX within seven days after the start of the Offer Period." 'Whether s 1325A(2) of the Corporations Act 2001 (Cth) empowered the Court to vary the Statutory Offer Condition and deem it satisfied.']

Ratio Decidendi

Section 1325A(2) of the Corporations Act 2001 (Cth) conferred power to make orders appropriate to the failure to apply for admission to quotation within seven days after the start of the bid period, including varying the Statutory Offer Condition in the contracts arising from acceptance of the offers and deeming that condition satisfied on 19 February 2007; no substantial injustice had been or was likely to be caused by those orders.

Court Disposition

Orders made varying the Statutory Offer Condition and deeming it satisfied.

Orders

  • ['Grants leave to Cabcharge Australia Limited to file an originating process in the form initialled by Emmett J.' 'Directs that the initiating process be returnable instanter before Emmett J for hearing.' 'Orders that Clause 8.9(j) of the replacement Bidder\'s Statement dated 5 January 2007 be deemed to be varied by...