Helios Energy Ltd, in the matter of Helios Energy Ltd [2017] FCA 840

Helios Energy Ltd, in the matter of Helios Energy Ltd [2017] FCA 840

The conditions for extension of time under ss 1322(4)(d) and 1322(6), and validation under s 254E and s 1322(4)(a), were satisfied as the failures were procedural, there was no dishonesty, substantial injustice could result if relief was refused but not if granted, and the plaintiff acted promptly and honestly after discovering the error.

Jurisdiction
Australia
Judgment Date
24 July 2017
Procedural Posture
Corporations Application / Application for Extension of Time and Validation of Securities
Outcome
Extension of time and validation of securities granted
Legal Topics
['securities Admission to Quotation' 'extension of Time' 'validation of Shares' 'curative Orders' 'capital Raising']
['corporations Law'] ['securities Admission to Quotation' 'extension of Time' 'validation of Shares' 'curative Orders' 'capital Raising']

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Procedural Posture

Corporations Application / Application for Extension of Time and Validation of Securities

Legal Issues

  1. 1 ['Whether the time period for admitting securities to quotation on the ASX may be extended under ss 1322(4)(d) and 1322(6) of the Corporations Act 2001 (Cth)' 'Whether securities already issued can be validated and confirmed under ss 254E and 1322(4)(a) of the Corporations Act 2001 (Cth)']

Ratio Decidendi

The conditions for extension of time under ss 1322(4)(d) and 1322(6), and validation under s 254E and s 1322(4)(a), were satisfied as the failures were procedural, there was no dishonesty, substantial injustice could result if relief was refused but not if granted, and the plaintiff acted promptly and honestly after discovering the error.

Court Disposition

Extension of time and validation of securities granted

Orders

  • ['The period for admission to quotation by the ASX of securities issued pursuant to the Prospectus is extended to 19 July 2017 under s 1322(4)(d).' 'Subject to admission by the ASX, all previously issued securities are validated and confirmed under ss 254E and 1322(4)(a).' 'The plaintiff must lodge these orders with...