GrainCorp Limited, in the matter of GrainCorp Limited [2008] FCA 996

GrainCorp Limited, in the matter of GrainCorp Limited [2008] FCA 996

The Court granted the extension because the failure to lodge the application for quotation within time was entirely inadvertent, caused by accident and oversight, the Commission had no objection, no offers had yet been made to Ridley shareholders, shareholders would suffer no prejudice, and the extension would advance the objects of Chapter 6 of the Corporations Act 2001 (Cth) by allowing the takeover bid to proceed in an efficient, competitive and informed market.

Jurisdiction
Australia
Judgment Date
19 June 2008
Procedural Posture
Originating Process Application Under S 1325 A(2) of the Corporations Act 2001 (cth) / Application for Extension of Time and Confidentiality Order
Outcome
Application granted.
Legal Topics
['conditional Takeover Offers' 'quotation of Securities Offered as Consideration' 'extension of Time' 'confidentiality of Affidavit Material']
['corporations Law' 'takeovers' 'federal Court Procedure'] ['conditional Takeover Offers' 'quotation of Securities Offered as Consideration' 'extension of Time' 'confidentiality of Affidavit Material']

Case Brief

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Procedural Posture

Originating Process Application Under S 1325 A(2) of the Corporations Act 2001 (cth) / Application for Extension of Time and Confidentiality Order

Legal Issues

  1. 1 ['Whether the Court should extend the time within which GrainCorp may apply for admission to quotation of GrainCorp shares offered as consideration in an off-market takeover bid.' 'Whether portions of the affidavit of Georgina Goldsworthy affirmed 19 June 2008 should be withheld from inspection before 4 July 2008.']

Ratio Decidendi

The Court granted the extension because the failure to lodge the application for quotation within time was entirely inadvertent, caused by accident and oversight, the Commission had no objection, no offers had yet been made to Ridley shareholders, shareholders would suffer no prejudice, and the extension would advance the objects of Chapter 6 of the Corporations Act 2001 (Cth) by allowing the takeover bid to proceed in an efficient, competitive and informed market.

Court Disposition

Application granted.

Orders

  • ["Pursuant to section 1325A(2) of the Corporations Act 2001 (Cth), for the purposes of section 625(3) of the Act, the time within which GrainCorp Limited may make an application for admission of the GrainCorp Shares offered as consideration in the off-market bid contained in the Bidder's Statement dated 6 June 2008,...