Lanka Graphite Limited (formerly Viculus Limited) [2015] FCA 798

Lanka Graphite Limited (formerly Viculus Limited) [2015] FCA 798

The Court granted the extension of time under s 1322(4)(d) of the Corporations Act to satisfy Bid Condition (e) as (1) the approval was received shortly after the relevant date; (2) voiding the bid would result in significant prejudice to the parties and investors; (3) the Takeover Bid continued to have the support of the target company; (4) ASIC did not oppose the application; and (5) there was no substantial injustice caused by granting the extension.

Jurisdiction
Australia
Judgment Date
06 August 2015
Procedural Posture
Corporations Application / Application for Order and Declaration at First Instance
Outcome
Application granted; orders and declaration made
Legal Topics
['extension of Time' 'takeover Bid' 'satisfaction of Bid Condition']
['corporations Law'] ['extension of Time' 'takeover Bid' 'satisfaction of Bid Condition']

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Procedural Posture

Corporations Application / Application for Order and Declaration at First Instance

Legal Issues

  1. 1 ["Whether the Court should extend the time to satisfy Bid Condition (e) of plaintiff's takeover bid under s 1322(4)(d) of the Corporations Act 2001 (Cth)" 'Whether any substantial injustice would result from extending the time']

Ratio Decidendi

The Court granted the extension of time under s 1322(4)(d) of the Corporations Act to satisfy Bid Condition (e) as (1) the approval was received shortly after the relevant date; (2) voiding the bid would result in significant prejudice to the parties and investors; (3) the Takeover Bid continued to have the support of the target company; (4) ASIC did not oppose the application; and (5) there was no substantial injustice caused by granting the extension.

Court Disposition

Application granted; orders and declaration made

Orders

  • ["The time for the Plaintiff to satisfy Bid Condition (e) of the Plaintiff's Takeover Bid for Euro Petroleum Ltd (ACN 147 870 362) is extended under s 1322(4)(d) of the Corporations Act 2001 (Cth) to 31 July 2015." "Bid Condition (e) of the Plaintiff's Takeover Bid for Euro Petroleum Ltd (ACN 147 870 362) is...