G8 Communications Ltd, in the matter of G8 Communications Ltd [2016] FCA 297

G8 Communications Ltd, in the matter of G8 Communications Ltd [2016] FCA 297

Given the procedural irregularity in missing the statutory deadline for admission to quotation, the absence of substantial injustice, honest conduct, and prompt action by the plaintiff, the Court grants an extension and validates the issue of shares pursuant to s 1322(4)(d), s 1322(4)(a), and s 254E of the Corporations Act. The statutory trust under s 722(1) does not persist after shares are issued, even if they later become void.

Jurisdiction
Australia
Judgment Date
11 March 2016
Procedural Posture
Corporations Application / Final Orders and Reasons for Judgment
Outcome
Application granted
Legal Topics
['extension of Time for Admission to Quotation' 'validation and Confirmation of Issue of Shares' 'procedural Irregularity' 'statutory Trust Under S 722' 'remedial Powers Under S 1322 and S 254 E']
['corporations Law'] ['extension of Time for Admission to Quotation' 'validation and Confirmation of Issue of Shares' 'procedural Irregularity' 'statutory Trust Under S 722' 'remedial Powers Under S 1322 and S 254 E']

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Procedural Posture

Corporations Application / Final Orders and Reasons for Judgment

Legal Issues

  1. 1 ['Whether the time period for admission to quotation of issued shares under s 723(3)(b) and s 724(1)(b)(ii) of the Corporations Act 2001 (Cth) should be extended' 'Whether the issue of shares pursuant to the prospectus should be validated and confirmed under s 254E and s 1322(4) of the Corporations Act' 'Whether there was a breach of statutory trust under s 722 of the Corporations Act']

Ratio Decidendi

Given the procedural irregularity in missing the statutory deadline for admission to quotation, the absence of substantial injustice, honest conduct, and prompt action by the plaintiff, the Court grants an extension and validates the issue of shares pursuant to s 1322(4)(d), s 1322(4)(a), and s 254E of the Corporations Act. The statutory trust under s 722(1) does not persist after shares are issued, even if they later become void.

Court Disposition

Application granted

Orders

  • ["The period set out in s 723(3)(b) and s 724(1)(b)(ii) of the Corporations Act for admission to quotation by ASX Limited of the plaintiff's securities is extended to 18 March 2016." 'Subject to admission to quotation within five business days after the order, the issue of shares by the plaintiff pursuant to the...