Castillo Copper Limited, in the matter of Castillo Copper Limited [2018] FCA 602

Castillo Copper Limited, in the matter of Castillo Copper Limited [2018] FCA 602

The court was satisfied on the evidence that the failure to file cleansing notices was inadvertent, not dishonest, and that there was no substantial injustice likely to result. The orders validate the late cleansing notices under s 1322(4) as the requirements of s 1322(6)(a) and (c) were met.

Parties
Plaintiff: Castillo Copper Limited
Jurisdiction
Australia
Judgment Date
13 April 2018
Procedural Posture
Corporations Application to Validate Late Filing of Cleansing Notice / Final Orders and Reasons for Judgment
Outcome
Relief granted; extension of time to lodge cleansing notices validated; no order as to costs.
Legal Topics
Application Under S 1322(4) of the Corporations Act 2001 (cth), Cleansing Notice Requirements, Disclosure Obligations Under Part 6 D.2, Extension of Time for Statutory Compliance
Corporations Application Under S 1322(4) of the Corporations Act 2001 (cth) Cleansing Notice Requirements Disclosure Obligations Under Part 6 D.2 Extension of Time for Statutory Compliance

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Parties

Castillo Copper Limited

Plaintiff

Procedural Posture

Corporations Application to Validate Late Filing of Cleansing Notice / Final Orders and Reasons for Judgment

Legal Issues

  1. 1 Whether the late filing of cleansing notices for share placements can be validated under s 1322(4) of the Corporations Act 2001 (Cth)
  2. 2 Whether the applicant acted honestly or it is just and equitable within the meaning of s 1322(6)(a)
  3. 3 Whether substantial injustice would result from granting the relief

Ratio Decidendi

The court was satisfied on the evidence that the failure to file cleansing notices was inadvertent, not dishonest, and that there was no substantial injustice likely to result. The orders validate the late cleansing notices under s 1322(4) as the requirements of s 1322(6)(a) and (c) were met.

Court Disposition

Relief granted; extension of time to lodge cleansing notices validated; no order as to costs.

Orders

  • The period for filing cleansing notices for the First Placement Shares and Second Placement Shares is extended.
  • Notices given to ASX for these shares are deemed to take effect as if given within five business days of issue.